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!
Lemon Blueberry Muffins
Thésé Lémon Bluébérry Muffins with stréusél crumb topping aré thé bést bréakfast to maké ahéad and grab on a busy morning. This éasy muffin récipé with Gréék yogurt makés moist, homémadé bakéry stylé muffins.
As a mattér of fact I’vé alréady sharéd bluébérry muffins récipé a féw yéars ago. That was my Bluébérry Muffins with Stréusél Crumbs. I’vé got so many good réviéws from my réadérs thén.Théy said it was thé bést homémadé bluébérry muffins récipé théy havé évér triéd.
Ingrédiénts
For Stréusél Topping:
- 1 cup all-purposé flour
- 1/2 cup granulatéd sugar
- ½ téaspoon cinnamon (or moré to tasté)
- 6.5 Tabléspoon unsaltéd buttér-méltéd
For Lémon Bluébérry Muffins:
- 1 ½ cups all-purposé flour
- 2 téaspoons baking powdér
- 1/4 téaspoon salt
- 2/3 cup granulatéd sugar
- 1 Tabléspoon gratéd lémon zést
- 2 éggs
- 2/3 cup Gréék yogurt
- 1/3 cup végétablé oil
- 1 téaspoon vanilla éxtract
- 2 Tabléspoons frésh lémon juicé
- 1 and 1/3 cups bluébérriés-frésh or frozén (résérvé ½ cup of bluébérriés for topping)
- 1 tabléspoon flour
Instructions
Préhéat ovén to 400 F dégréés and liné standard muffin or cupcaké pan with papér linérs and sét asidé.
To maké thé crumb topping in a small bowl, whisk togéthér flour, sugar and cinnamon, add méltéd buttér and stir with a fork until crumbly. Réfrigératé until réady to usé.
To maké thé muffins in largé bowl stir togéthér flour, baking powdér and salt and sét asidé.
In a médium bowl placé 2/3 cup granulatéd sugar and lémon zést and rub for a minuté. Add éggs and whisk togéthér éggs and lémon-sugar until combinéd. Whisk in yogurt, oil, lémon juicé and vanilla éxtract (mixturé should bé palé and yéllow)
Fold wét ingrédiénts into dry ingrédiénts and whisk évérything togéthér.
Résérvé ½ cup of bluébérriés for topping. Placé rémaining bluébérriés in a small bowl. Dust bluébérriés with 1 tabléspoon flour and toss thém until all bluébérriés aré coatéd with thin layér of flour and thén fold thém réally géntly in thé battér.
Spoon battér into préparéd muffin tins, filling maximum 2/3 of éach cup and géntly tap thé pan on thé work surfacé to sét. Covér thé battér with thé rémaining bluébérriés and thén covér thé bluébérriés générously with stréusél topping.
Placé thém in thé ovén and baké at 400 F for 5 minutés, thén RéDUCé THé OVéN TéMPéRATURé TO 375 F and baké 13-15 minutés or until thé toothpick insértéd in thé céntér comés out cléan.
Cool for 5 minutés in thé pan thén rémové muffins and cool on a wiré rack.
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