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!
COCONUT FLOUR PANCAKES
Coconut Flour pancakes are made from healthy, filling, nutritious ingredients to satisfy your urge to stack, drizzle and eat without all the sugar and refined flour! Paleo, Gluten Free & Dairy Free
Let’s talk ingredients super fast!- Egg whites – I used liquid egg whites from a carton, but feel free to use 6 egg whites from the shell. Also, you can skip the egg whites and, sub for additional eggs like the comments on Pinterest say, however, I have not tried this!
- Eggs – I used large eggs. I have not tried egg substitutes in this recipe and would not recommend it. In this case, eggs are both the binder and the fluffer, so subbing them for an egg replacer probably won’t work.
- Coconut Flour- Coconut flour is extremely dense and absorbent so a little goes a LONG way. May sure to pour the coconut flour into the measuring cup, not dunk your measuring cup in the bag or you may get too much. Oat flour may work here instead, but I have not tried it.
- Baking powder – If you want you can omit this or sub for baking soda, I just find it gives the pancakes the extra fluff and rise they need. However, they will work without this ingredient if you want to omit.
- Banana- the riper the banana the sweeter the pancakes! So go for something very yellow to yellow with spots!
- Vanilla extract – totally optional but will make your pancakes taste a little sweeter naturally!
Coconut Flour Pancakes Recipe
Coconut Flour pancakes are made from healthy, filling, nutritious ingredients to satisfy your urge to stack, drizzle and eat without all the sugar and refined flour! Paleo, Gluten Free & Dairy Free
Ingredients
- 1/2 cup egg whites
- 3 large eggs
- 1/4 cup coconut flour
- 1/4 tsp baking powder
- 1 banana
- 1/2 tsp vanilla extract optional
Instructions
- Blend all ingredients in a blender.
- Heat a greased griddle or large skillet on low to medium heat You can use egg rings or just free hand them. Flip pancake when almost completely set.Notes
- I found this recipe worked the best with extreme patience and low heat. Each set of pancakes takes about 2-3 minutes on low heat.
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