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!
Gluten Free Pumpkin Cookies!
Gluten Free Pumpkin Cookies!
There are so many signs that it’s fall time again from the changing color of the leaves to seeing big yellow school busses carrying dozens of children.
However, the biggest sign that we have all come to associate with the fall season is PUMPKIN! Pumpkin spice lattes, pumpkin bread, pumpkin smelling candles, and most important – Gluten Free Pumpkin Cookies!
We wanted the cookie to also be appealing to the eye with a strong orange color and a real kick of pumpkin flavor, so we also used pumpkin puree. The puree created a moistness I had yet to taste in any cookie I’ve eaten. The cookie gave a good bite with some chew and then it just melted in my mouth.
GLUTEN FREE PUMPKIN COOKIES RECIPE
The puree created a moistness I had yet to taste in any cookie I’ve eaten. The cookie gave a good bite with some chew and then it just melted in my mouth.
INGREDIENTS
- 5/8 cup Almond Flour
- 1/2 tbsp Coconut flour
- 1/3 cup erythritol
- 4 tbsp 100% pumpkin puree
- 1 1/2 tsp Pumpkin Pie Spice
- 2 1/4 tbsp Butter
- 1/4 tsp vanilla extract
- 3/4 tsp Baking powder
- 1/2 Large Egg (we mix an entire egg and use half!)
- 1 oz walnuts
- Pink Salt
INSTRUCTIONS
- Using a hand mixer combine the cold butter, half egg, and vanilla extract.
- Combine all dry ingredients and add to the butter mixture. Combine well using hand mixer.
- Add the pumpkin puree as you mix the cookie batter with the hand mixer until well combined.
- Fold in walnuts. Save some for topping the cookies!
- Line baking sheets with cookies to whatever size you want and flatten them out a little bit.
- Bake at 325 for 15-18 minutes.
- Let cool for about 20 minutes. Enjoy!
