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!
BLUEBERRY BANANA ZUCCHINI BREAD
BLUEBERRY BANANA ZUCCHINI BREAD
Blueberry Banana Zucchini Bread: a delicious bread that is perfectly moist and bursting with flavor.
One of our favorites bread to indulge in is banana bread. I love how versatile a banana bread recipe can be. You can keep it simple or you can fancy it up by adding fruit, walnuts or even a cinnamon swirl. This blueberry banana zucchini bread is moist and bursting with flavor. In each bite you will get a burst of blueberry or banana. The zucchini helps keep the bread moist and is a sneaky way to get a little bit of veggies into your kids diet.
Blueberry Banana Zucchini Bread
Delicious and simple bread that is bursting with flavor!
Course Breakfast
Servings 12
Ingredients
- 1 large egg
- 1/2 cup light brown sugar , packed
- 1/3 cup coconut oil , liquid-state
- 1/4 cup granulated sugar
- 1/4 cup cup sour cream
- 1 TBSP . vanilla extract
- 1 1/2 - 2 cups all-purpose flour* see notes
- 1/2 tsp . baking powder
- 1/2 tsp . baking soda
- 1/2 tsp . cinnamon , optional
- 1 cup of fresh grated zucchini , remove moisture by placing in between two paper towels and pressing firmly * (see notes)
- 2 medium bananas , mashed
- 1 cup blueberries
Instructions
- Preheat oven to 350F. Grease one 9x5-inch loaf pan ( you an also split the batter into two pans, just be sure to adjust the baking time)
- In a large bowl, whisk together the egg, brown sugar, coconut oil, granulated sugar, sour cream and vanilla extract. Add flour, baking powder, baking soda, and cinnamon, and fold into mixture.
- Add the zucchini, bananas, and blueberries, and fold gently to combine.
- Turn batter out into the prepared pan, smoothing the top lightly with a spatula.
- Bake for about 65 -80 minutes or until the top is golden, the center is set, and a toothpick inserted in the center comes out clean. Allow to cool in pan for 15- 20 minutes until transferring to a wire rack.
- *NOTES: All zucchini and bananas are different in the amount of moisture in them. Your batter should be on the thicker side. The zucchini will release water into the batter as it bakes. You may add additional flour to batter before cooking if needed. It's better to have your batter be too thick than thin. I also suggest you place your grated zucchini between paper towels and press firmly to remove as much moisture as you can. Bake as long as needed and place a piece of foil on top of the bread if the top is beginning to brown.
Recipe is adapted from Averie Cookies.
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