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!
Best Keto Brownie Mug Cake
Keto mug cakes are ideal for busy health-conscious dieters who follow a whole foods based paleo approach. They can be prepared in a fraction of time and are great when you crave something sweet.
Compared to traditional mug cakes, this cake is rich, chocolatey and tastes just like your favourite brownie. It's low in net carbs, high in fibre and high in healthy fats. To keep this treat moist, I used grated dark chocolate, ground chia seeds and coconut oil. Remember to add a dash of cinnamon and coffee - they do make a difference as they both enhance the flavour of any chocolate treats.
Ingredients (makes 2 mug cakes)
- 2 large squares dark chocolate, grated (20 g/ 0.7 oz) - I used 85% dark chocolate
- 1/4 cup cacao powder (22 g/ 0.8 oz)
- 2 tbsp ground chia seeds (16 g/ 0.6 oz)
- 1/2 tsp cinnamon
- 1 tsp gluten-free baking powder
- pinch sea salt or pink Himalayan salt
- 4 tbsp Erythritol or Swerve (40 g / 1.4 oz)
- 1 large egg
- 1/4 cup freshly brewed regular or decaf coffee (60 ml/ 2 fl oz)
- 1/4 cup melted virgin coconut oil (60 ml/ 2 fl oz)
Tips:
Optionally, add a dollop of whipped cream, coconut cream or creme fraiche
Not sweet enough? If you just started following a low-carb diet, then you may find some recipes not sweet enough. You can add a few extra drops of stevia or a little more erythritol or Swerve to suit your palate.
Instructions
- Place all the grated chocolate and dry ingredients in bowl and combine well.
- Add the egg, coconut oil and coffee. Mix until combined.
- Divide the mixture between 2 mugs. The mug cake will raise when cooked so use a large enough mug or cup (fill it up to no more than half).
- Microwave on high for 70-90 seconds, until cooked through.
Tips for cooking in the oven: If you don't have a microwave, I suggest you make 4-8 servings at once. Preheat the oven to 175 °C/ 350 °F and cook for about 12-15 minutes or until cooked in the centre.
You can optionally top the mug cake with whipped cream or creamed coconut milk and or creme fraiche.
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