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 GLUTEN-FREE CHOCOLATE CHIP COOKIES
I’m really pleased these cookies worked out, because after a load of failed attempts that turned out too dry, crumbly and not quite there in flavour, I had resigned myself to never being able to eat a decent Chocolate Chip Cookie ever again. š
But, after making my Peanut Butter Cookies, I knew I’d be able to adapt the recipe to make some seriously delicious Vegan Gluten-Free Chocolate Chip Cookies.
These cookies are also awesome as they’re made using just a handful (5 to be exact) of simple
These Vegan Gluten-Free Chocolate Chip Cookies are crispy on the outside, soft and chewy on the inside and super easy to make!
Ingredients
- 90 g (1/2 cup) pitted dates soaked overnight in cold water or in hot water for 10 minutes
- 3 tablespoons water
- Pinch of salt
- 3 tablespoons smooth almond butter (or sub cashew or peanut butter)
- 60 g (1/2 cup) ground almonds* (almond meal)
- 40 g (1.5oz) dark chocolate** chips or chunks (ensure vegan/gluten-free or necessary)
Instructions
- Preheat oven to 180 degrees Celsius (350 degrees Fahrenheit)
- Drain the soaked dates and place in a blender or food processor (you can also use a hand-held stick blender) along with the water and salt
- Whizz until completely smooth, then add the almond butter and ground almonds, and mix well
- Carefully mix in the chocolate chips
- Take a heaped tablespoon of the mixture and use your hands to form it into a small, circular, thick patty***
- Lay it out onto a baking tray lined with baking paper (no need to grease it)
- Repeat until the rest of the batter is used up - you should be able to make 12 cookies
- Bake in the oven for around 10-12 minutes, until golden brown - don’t worry if they’re quite soft when you take them out as they will firm up as they cool down
- Leave to cool completely before storing in an airtight container - keeps in the fridge for a good few days
Recipe Notes
*You can alternatively use almond flour
**For a refined sugar free or paleo version, use a refined sugar free chocolate
***If you find the mixture too gooey to shape with your hands, you can use a cookie scoop instead, and use your hands or the back of a spoon to flatten them slightly
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