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!
GLUTEN FREE ALMOND BUTTER BLONDIES
Gluten-free Almond Butter Blondies with Chocolate Chunks and Chocolate Chips. Gluten-Free Blondies Vegan Blonde Brownies. Peanut Butter Blondie. Soy-free Palm oil free Recipe.
Ingredients
- Wet:
- 1/4 cup + 2 tbsp non dairy milk
- 2 tbsp maple syrup
- 1/2 cup coconut sugar
- 1 tbsp flax seed meal
- 1.5 to 2 tsp vanilla
- 3/4 cup almond butter or peanut butter or other smooth nut butter
- Dry:
- 1/2 cup oat flour use certified gf if needed, or use other flours of choice
- 1/4 cup almond flour
- 2 tbsp coconut flour
- 2 tbsp starch arrowroot or cornstarch
- 1/4 tsp salt
- 1/4 tsp baking soda
- 1/4 tsp or more cinnamon
- 1/2 cup or more vegan chocolate chunks and chips I add both
Instructions
- Preheat the oven to 350 degrees F / 180ºc.
- In a bowl, warm the non dairy milk until hot. Add the rest of the wet ingredients and mix well until smooth. It will take a minute or so for the nut butter to mix in. (Warm the nut butter before adding so it mixes in quicker).
- In another bowl whisk all the dry ingredients. Add to wet and mix in. Fold in the chocolate chunks and chips
- Drop the batter on parchment lined pan (8 by 8 inch brownie pan). Spread using oiled hands or spatula. Sprinkle some chocolate chips on top and press in (optional).
- Bake for 22 to 24 minutes. (or until a toothpick an inch from the edges comes out almost clean). Cool for 15 mins then remove from the pan. Cool for another few minutes before slicing. Store on the counter for a few days.
Recipe Notes
To make regular blondies, use 1 cup of spelt, wheat or all purpose flour (to replace the oat, almond, coconut flours and starch)
Note: Nut Butters vary in moisture. Flours also vary in terms of absorption. If you change something in the recipe, add 3/4 cup total flour(dry) to the wet mix and mix in and fold in more flour 1-2 tbsp at a time until the consistency is a stiff batter.
Nutritional values based on one serving
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