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!
BANANA BREAD IN A JAR
BANANA BREAD IN A JAR
Banana bread made in a jar. Wuh??? Pretty darn crazy, huh? Why would anyone want to make banana bread in a mason jar?
Well, for a couple of reasons: I love making these beauties as gifts. I can make a bunch at a time and send them over to neighbors as a nice gesture, pass them out as party favors, give them as gifts at Christmas, as teacher gifts, or store in my pantry.
If sealed properly, they can keep for a few months in the freezer! Think food storage people!
You can decorate the jars with a circle of batting and fun fabric under the jar ring and add a pretty label. So darn cute!
INGREDIENTS
- 2/3 cup shortening
- 2 cups granulated sugar
- 4 eggs
- 2 cups mashed bananas (approx. 4 medium-sized bananas)
- 2/3 cup water
- 3 1/3 cups all-purpose flour
- 1/2 teaspoon baking powder
- 2 teaspoons baking soda
- 1 1/2 teaspoons salt
- 1 teaspoon ground cinnamon
- 1/2 teaspoon ground cloves
- 2/3 cup pecans, crushed
- 12 half pint (8 ounce jars) mason jars
INSTRUCTIONS
- Preheat oven to 325 degrees F. Prepare the mason jars by greasing the insides of the jars with cooking spray.
- In a large mixing bowl, beat together the shortening and sugar with an electric mixer until well incorporated. Beat in the eggs, bananas, and water until light and fluffy.
- In a separate bowl, sift together the flour, baking powder, baking soda, salt, cinnamon and cloves and pour into the banana mixture a little at a time mixing well with each addition. Fold in pecans.
- Spoon batter into mason jars filling 1/2 way full. Wipe off any spills on the jars before baking. Do not add the lids. Tip: You can also pour the batter in a gallon-size bag with a hole cut in the corner and pipe the batter into the jars.
- Line the jars on a baking sheet and bake for 40-45 minutes of until a toothpick inserted in the center comes out clean. Note: You can also line the jars up in the oven without the baking sheet. Some people have mentioned they cook more evenly that way. You might want to experiment. I’ve never had a problem.) Meanwhile, sterilize the lids and rings in boiling water.
- Remove the jars from the oven and screw on the lids and rings to the jars while the bread is cooling. The jars will seal as the bread cools down. You will hear a light “ping” when the jar seals itself. If you don’t, press down on the lid to see if it is firm. If it doesn’t “give”, it is sealed. Also, if the bread bakes above the rim of the jar, no worries. Just gently press the top of the bread down with the lid and seal.
- Store in the refrigerator for up to a week or eat when cooled! Can also be stored in the freezer for a few months.
Note: You can forgo making this bread in the jars and bake it in two 9 x 5-inch bread pans for 55-60 minutes or until a toothpick inserted in the center of the bread comes out clean.
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