It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
VEGAN LEMON BARS
Lemon bars in my books are a dessert staple and this recipe is one to keep around. They have a creamy lemon top layer with my favourite almond biscuit base, a combination that does not disappoint!
If you choose to use turmeric powder to add some yellow colouring to the filling, add just a pinch at a time. It’s easy to add too much and end up with fluorescent looking lemon bars. For those who are wondering, you can’t taste the turmeric ☺️
If you have a sweet tooth (ie. my husband) stick to the 1/3 cup of rice malt syrup in the lemon filling. If not, you can use 1/4 cup and the lemon bars will still be sweet.
Vegan lemon bars with a creamy lemon filling on top of a soft buttery base! They’re gluten free, 9 ingredients and quick and easy to make.
INGREDIENTS
ALMOND BASE:
- 1 3/4 cup almond meal
- 1/2 cup tapioca flour
- 1/4 cup unrefined coconut oil, melted
- 1/4 cup rice malt syrup (make sure it’s labeled gluten free if needed)
- LEMON CURD FILLING:
- 1/3 cup lemon juice (about 1 1/2 lemons) + zest of 1/2 lemon
- 1 cup canned full fat coconut milk
- 1/3 cup rice malt syrup
- 2 tbsp cornflour*
- 2 tbsp unrefined coconut oil
- 1/2 tsp vanilla extract
- small pinch turmeric powder (for colour) – optional
INSTRUCTIONS:
ALMOND BASE:
- Preheat oven to 180°C (356°F) and line a 20cm square pan with baking paper. Set aside.
- Add almond meal and tapioca flour into a large bowl, and mix until combined. Add coconut oil and rice malt syrup and mix until it all comes together.
- Press the mixture onto the bottom of the pan and bake for 13 to 15 minutes or until it is just lightly browned on top.
LEMON CURD LAYER:
- Pour the lemon juice into a medium pot. Add cornflour and whisk well to remove any lumps. Whisk in the rest of the ingredients and and place the pot on medium to high heat.
- Make sure to stir regularly, I like to use a heat resistant silicone spatula for this. The curd will start to form first on the bottom, when you notice this happening, give it a whisk to make sure it stays smooth (continue to whisk now and then). When it starts to thicken, turn down the heat to low. Still stirring regularly, keep cooking until it’s a thick curd consistency.
- Take off the heat and pour onto the base. Refrigerate for 3 hours or until set. Cut into 16 squares. Refrigerate in an airtight container.
Recipe Adapted From
VEGAN LEMON BARS
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