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!
Low-Carb Strawberry Coconut Scones
These Low-carb Strawberry Coconut Scones are gluten-free and made with almond flour, shredded coconut, and fresh juicy strawberries.
I used a natural sweetener called Swerve. It’s great if you are on a low-carb diet and/or if you are trying to control your diabetes since erythritol is a sugar alcohol that does not affect blood glucose and has zero calories. I prefer to buy the granulated form of this because it measures spoon for spoon in place of sugar, which is great for baking. Of course, if you don’t have any problem using normal sugar, you can use in this low-carb strawberry coconut scones recipe too.
Because this low-carb strawberry coconut scones recipe is gluten-free, made with almond flour the texture is not the same as the traditional scone recipes. However, I’m sure you’ll be very pleased with the flavor, especially with the fresh, sweet, and tart strawberries.
Low-carb Strawberry Coconut Scones RecipeThese Low-carb Strawberry Coconut Scones are gluten-free and made with almond flour, shredded coconut, and fresh juicy strawberries.
Ingredients:- 1 large egg
- ¼ cup coconut oil, melted
- ¼ cup natural sweetener Swerve or xylitol
- 1 tsp vanilla extract
- 1 ½ cups almond flour
- 2 tbsp cornstarch
- ¼ cup unsweetened shredded coconut
- 1 tsp baking powder
- 1 ½ cup fresh strawberries, chopped
Directions:- Preheat the oven to 350F.
- Line with parchment paper a 9 inch round baking pan, leaving an overhang on the sides to lift the cake/scone out when it’s done. Set aside.
- In a mixer bowl, add the egg, coconut oil, sweetener, and vanilla extract. Beat on medium-high speed until smooth and creamy, about 2 minutes. Scrape down the sides and up the bottom of the bowl with a rubber spatula if necessary.
- With the mixer on low speed, add the almond flour, cornstarch, shredded coconut, and baking powder until just incorporated.
- Add the strawberries and with your hands incorporate them into the batter.
- Remove the batter from the mixer bowl to the prepared baking pan. Spread the batter evenly. If you prefer, you can sprinkle some coarse sugar or granulated sweetener over the top.
- Bake for 35-40 minutes.
- Let it cool for about 15 minutes before removing from the pan.
- Lift the scones up from the pan and cut into 8 pieces
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