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 OATMEAL CHOCOLATE CHIP COOKIES
VEGAN OATMEAL CHOCOLATE CHIP COOKIES
This is so simple to make with no weird ingredients! This is exactly the theme of my book, all my classic favourite recipes made vegan with no weird ingredients. Because veganism isn’t really as weird as it sounds, I promise.
…Ok, I admit there is nutritional yeast in the book, but depending on how long you have been vegan, it isn’t a weird ingredient anymore.
The cookies will look pretty raw when they are ready, but you will know they are done because they will have spread and the underside of the cookie will be golden brown. That’s the secret for chewy cookies, don’t over bake them. Let the cookies cool to set.
Try not to turn into the cookie monster.
Vegan Oatmeal Chocolate Chip Cookies Recipe
Crispy on the outside, chewy in the middle. So easy to make with no weird ingredients.
Ingredients
Dry ingredients:
- 1 1/4 cups all-purpose flour
- 1 cup rolled oats
- 1 teaspoon cinnamon
- 3/4 teaspoon baking soda
- 1/4 teaspoon salt
Wet ingredients:
- 3/4 cup vegan butter , cold (such as Earth Balance)
- 1/2 cup white sugar
- 1/2 cup brown sugar
- 2 teaspoons vanilla extract
- 1/2 cup vegan chocolate chips (or sub raisins for oatmeal raisin cookies)
Instructions
- Preheat your oven to 350F (180C). Lightly grease a baking pan.
- In a large bowl, whisk together all the dry ingredients.
- In a medium bowl, add all the wet ingredients, and use a beater to cream the vegan butter and sugar together. Dump the wet ingredients into the dry, and mix. I find different vegan butter brands have different moisture contents, so if you find the dough is a little dry, add up to 1 Tablespoon of water until the dough holds together. When it just comes together stir in the chocolate chips. Feel free to snack on cookie dough, it can be eaten raw!
- Take two tablespoons of cookie dough and roll into a ball and place on the prepared baking sheet. Repeat until you have used up all the cookie dough. Bake 14 to 18 minutes, the cookies will have spread but look almost raw, they should be golden on the on underside. Let cool on the pan to let the cookies set.
