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!
PALEO PUMPKIN CHOCOLATE CHIP BLONDIES
These Paleo Pumpkin Chocolate Chip Blondies are super chewy, fudgy, and so easy to make! Gluten free, dairy free, and naturally sweetened.
Pumpkin and chocolate are such a great match and these bars are a great example. Each bite is packed with pumpkin spice and chocolate chips- so delicious!
In case you’re not familiar, blondies are a lot like brownies, just without the cocoa. So they have that same texture that everyone loves. Dense, soft, melt-in-your-mouth. One thing I never use in my brownies or blondies is baking soda and that’s because I don’t want them to rise and be cakey. The fudgier the better!
I hope you try these and enjoy them! Warm them up to make the chocolate gooey and even better!
Paleo Pumpkin Chocolate Chip Blondies Recipe
Ingredients- 2/3 cup almond butter, unsweetened and unsalted
- 2/3 cup coconut sugar
- 1/4 cup coconut oil room temperature but stirred to soften
- 2/3 cup canned pumpkin not pie mix
- 1 large egg
- 2 teaspoons vanilla
- 2 teaspoons pumpkin pie spice
- 1/4 teaspoon salt
- 1 1/4 cup almond flour
- 3/4 cup chocolate chips divided
Instructions- Preheat oven to 350° and line a 9x9 square pan with parchment paper.
- In a large bowl, combine the almond butter, coconut sugar, and coconut oil. Stir well until it's completely mixed. Add in the pumpkin, egg, and vanilla and stir again.
- Add in the pumpkin pie spice, salt, and almond flour and mix until fully combined.
- Stir in 1/2 cup chocolate chips and scoop mixture into prepared pan. Top with remaining 1/4 cup chocolate chips.
- Bake for 30 minutes. Edges should be light brown. Let cool before cutting for clean slices.
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