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!
PUMPKIN PECAN CRUMBLE MUFFINS
PUMPKIN PECAN CRUMBLE MUFFINS
These pumpkin pecan muffins are soft and moist and are topped with sweet cinnamon pecan crumble topping. Just the right balance of flavors!
Pumpkin Pecan Muffins with Cinnamon Sugar Crumble Topping
Prep Time 10 mins
Cook Time 25 mins
Total Time 35 mins
These pumpkin pecan muffins are soft and moist and are topped with sweet cinnamon pecan crumble topping. Just the right balance of flavors!
Course: Dessert
Cuisine: American
Keyword: pumpkin pecan muffin
Servings: 12 muffins
Calories: 433 kcal
Author: Olga at Whatsinthepan
Ingredients
Dry Ingredients:
- 1 3/4 cups all purpose flour
- 1 teaspoon baking powder
- ½ teaspoon baking soda
- 1/2 teaspoon sea salt
- 1 cup granulated sugar
- ½ cup brown sugar
- ½ cup chopped pecans
- ¼ teaspoon ground nutmeg
- 1 1/2 teaspoon cinnamon
Liquid Ingredients:
- 2 large eggs
- 1 teaspoon vanilla extract
- 1 cup of canned pumpkin or homemade pumpkin puree
- 1/2 cup vegetable oil (such as canola oil)
Topping:
- 1/2 cup chopped pecans
- 2/3 cup brown sugar
- 1 teaspoon cinnamon
- 1/3 cup butter softened
- 1/3 cup flour
- Confectionary sugar (optional, for decoration)
Instructions
- Preheat the oven to 350ºF and line muffin cups with paper liners.
Batter:
- In a large bowl, mix all dry ingredients together: flour, granulated sugar, baking soda, baking powder, salt, cinnamon, nutmeg, pecans and brown sugar.
- In another bowl, prepare liquid mixture by whisking eggs together until the yolks and whites are blended. Then add vanilla, oil and pumpkin puree.
- Add the liquid mixture from step 3 to the dry ingredients mixture in step 2. Mix well with a wooden spoon.
- Use a large spoon or an ice cream scoop to fill each muffin cup completely full.
Topping:
- Prepare the topping for the muffins by mixing pecans, brown sugar, cinnamon, flour together. Then add softened butter by cutting it into the dry ingredients with the fork until you have a good crumble topping. Sprinkle this mixture over muffins.
- Using a spoon, spread the topping evenly over each muffin.
Bake:
- Bake until the muffins are springy to the touch and toothpick comes out clean, for 25 to 35 minutes. Start checking with the toothpick at 25 minutes.
- Allow them to cool for 10 minutes, then turn out onto rack to cool completely. Please keep in mind that the larger the muffin cups, the longer it will take to bake them.
- Sprinkle with confectionary sugar (optional).
Recipe Notes
This recipe makes 12 large muffins. For smaller muffins, divide the batter into 18 muffin cups and bake for 30 minutes.
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