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!
SIMPLE CINNAMON ROLLS
SIMPLE CINNAMON ROLLS
These delicious, Simple Cinnamon Rolls have 8 ingredients or less and are an easy recipe to approach making cinnamon rolls if you’ve never made them before. They are aromatic and also have vegan ingredient options too!
SIMPLE CINNAMON ROLLS
SARA MANIEZ
Yields 10 cinnamon rolls
1 hr, 20Prep Time
25 minCook Time
1 hr, 45Total Time
Ingredients
- 1 packet of live active yeast (can be rapid rise)
- 1 cup whole milk *can substitute equal amount of other kinds of milk, half and half or do coconut or almond milk for a vegan option
- 1/2 cup coconut oil, divided *can substitute equal amount unsalted butter
- 1/4 teaspoon kosher salt
- 3 cups all-purpose white flour, preferably unbleached
- 1-1/2 teaspoons ground cinnamon
- 1/4 cup granulated white sugar, plus 1 tablespoon, divided
- Optional: 1 recipe Vanilla Coconut Icing (this recipe has instructions to make it a regular powdered sugar icing)
Instructions
- Heat milk and 3 tablespoons of coconut oil (or substitute butter) in a microwave safe container until 110°F. I use an infrared kitchen thermometer to measure the correct temperature. Transfer the mixture to a large mixing bowl.
- Sprinkle the yeast over the milk-coconut oil mixture and allow to set for 10 minutes to activate. After 10 minutes, add the 1 tablespoon of granulated white sugar and the kosher salt and then stir.
- Add 1/2 cup of flour and stir in after each addition. Expect to have a sticky dough. When it gets too thick to stir with a spoon, use your hand and in the bowl, knead to form a loose ball until all the flour is absorbed. In a clean large mixing bowl, greased with coconut oil (or butter), put the ball in and cover, allow to sit for 1 hour or as needed to rise (should be doubled in size).
- While the dough is rising, mix 1/4 cup sugar and 1-1/2 teaspoons ground cinnamon together and butter an 8x8 inch square or similar baking dish. You can also prepare the Vanilla Coconut Icing, if you wish to serve them topped with an icing.
- Prepare a lightly floured surface, when dough has doubled in size, roll out into a thin rectangle. Brush 3 tablespoons of coconut oil and sprinkle the cinnamon-sugar mixture evenly over the dough. Roll the dough tightly and cut into 10 even pieces (they should be 1.5-2 inch sections). Arrange in the 8x8 inch square baking dish, brush remaining coconut oil on top of the rolls and set on top of your stove. Preheat oven to 350°F. Allow the cinnamon rolls to sit there for at least 20 minutes to rise again before baking while the oven is preheating. Bake 25-30 minutes, until light golden brown. Optional: Serve warm topped with Vanilla Coconut Icing. Enjoy!
RECIPE ATTRIBUTION
Simple Cinnamon Rolls are inspired by World’s Easiest Cinnamon Rolls from Minimalist Baker
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