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!
HEALTHY RAW RED VELVET FUDGE
Here I go again with the Raw Fudge! I can’t stop, I swear. I’m addicted to the super creamy textures, I’ve fallen in love with the amazing flavors, and I’m in complete adoration over the beautiful colors. Just in case you’re wondering, I’ve made 4 raw desserts in the last few weeks… Chocolate Peanut Butter Raw Cheesecake, Matcha Green Tea Fudge, Blueberry Coconut Fudge, and finally, this Raw Red Velvet Fudge! Both my fridge and freezer are full of green, blue, and red cubes. I’m pretty much living the life. But onto this Healthy Raw Red Velvet Fudge — it’s sweet, it’s got a hint of chocolate, and it melts in your mouth.
OH, and did I mention it’s hiding a VEGETABLE?!?
You’d never know it though. I’ve got a tumultuous relationship with beets — aka, I hate their flavor but love the vivid red color it gives off — and I am addicted to this fudge. I can’t taste the beets at all.
That’s what I call a win-win-win-win-win-win-win-win-WIN!
You win so much because it’s healthy and it’s hard to tell.
INGREDIENTS:
- 12oz Raw Cashew Pieces
- 1½ cups Unsweetened Vanilla Almond Milk
- 246g (1 cup) Roasted Beet Puree**
- 4 tsp Vanilla Extract
- 1 tsp Stevia Extract
- ¼ tsp Pink Himalayan Salt
- 224g (1 cup) Raw Cacao Butter, melted
- 84g (4 scoops) Vanilla Brown Rice Protein Powder
- 20g (¼ cup) Unsweetened Natural Cocoa Powder
DIRECTIONS:
- Line an 8×8″ brownie pan with parchment paper both ways.
- In a sealable container, add the cashews, almond milk and beet puree. Cover with a lid and refrigerate overnight.
- The next day, dump the entire cashew/milk/beet mixture into a high-speed blender (I used my Vitamix). Add the vanilla extract, stevia extract and salt. Blend on high speed until completely smooth.
- Pour in the melted cacao butter and blend again.
- Add the protein powder and cocoa powder and blend one last time.
- Scoop the mixture into the prepared pan and spread it out. Tap the pan on the counter a few times to help get rid of air bubbles. Use an offset spatula if you want to spread out a perfectly flat top! Cover the pan and refrigerate overnight.
- Slice, serve, and enjoy!
NOTES:
This recipe is considered “high-raw.”
**I used roasted beet puree (instructions on how to make roasted beet puree HERE) because that’s what I had on hand from making Red Velvet Pancakes! I know it’s roasted and not “raw” but roasted beets have a better flavor than raw (in my opinion), and provide an amazingly vibrant reddish pinkish color. You can probably use grated raw beets or canned beets, but I haven’t tried those variations so I can’t say how they’ll turn out.
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