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!
Easy Banana Bread Pudding
This easy banana bread pudding recipe is so amazing!! Like a dessert or brunch casserole made with overripe bananas and caramel bits if you want it to be really out of this world. You have to try this recipe for your family or to bring to a potluck, I assure you there won’t be any left to take home!
I recently decided to figure out a really easy bread pudding recipe because I had it at a restaurant and forgot just how much I loved it! I started with a caramel apple bread pudding, and now here to show you how to make an easy banana bread pudding that may have surpassed the yumminess of the caramel apple….but barely. 😉 Here’s the recipe! (originally published 11/15)
We buy bananas like they’re going out of style! With 3 kids, all 5 of us trying to eat healthier, and it being an inexpensive fruit I buy several bunches at a time when I’m at the store. Of course occasionally they become overripe and as to not let them go to waste I often make coconut banana bread out of them. When they are nice and yellow though this banana bread pudding recipe is a great way to use them in this incredible dessert.
This easy banana bread pudding recipe is so amazing!! Like a dessert or brunch casserole made with overripe bananas and caramel bits if you want it to be really out of this world. You have to try this recipe for your family or to bring to a potluck, I assure you there won't be any left to take home!
Ingredients
- 3 c milk
- 3 eggs
- 3/4 c sugar
- 2 bananas
- 1/2 c caramel bits
- 1 loaf french or sandwich bread day old is best, discard heels of bread
- 1 tsp vanilla
- 1/2 tsp almond extract
- 2 tbsp melted butter if using a bundt or mini bundt pans
- Non stick spray if using 9x12 glass dish
Instructions
- Dice your loaf of french bread, or thick sandwich bread (do not use heels).
- Add milk to large bowl. Put diced bread into milk and soak milk up with bread. In separate bowl add eggs, sugar, vanilla, almond extract and mix well.
- Add sugar mixture to bread mixture and mix well. Cut banana, add to mixture and add your caramel bits to mixture.
- Melt butter and pour into bundt pan if you're using that, or spray non stick cooking spray into glass 9x12 baking dish.
- Fill bundt holes with a banana slice and then with bread pudding mix, or pour mix directly into glass baking dish and put in oven at 350 degrees for approx.
- 30 minutes or until egg is no longer soft. You don't want to over cook this as bread pudding should be soft.
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