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!
Blueberry Oatmeal Crumble Bars
Blueberry Oatmeal Crumble Bars
An easy, one bowl, no-mixer recipe that takes just minutes to make. The crust and crumble topping are one in the same so there’s one less step and one less bowl to wash. The bars aren’t overly sweet and the blueberry flavor shines beautifully, making them great for breakfast, brunch, snacks, or a healthy dessert. They’re soft and tender, yet slightly chewy from the oats, and I’m a sucker for anything with a crumble topping. I made the bars on a Sunday and had breakfast ready to grab-and-go for the week.
INGREDIENTS:
Crust and Crumble Topping
- 1/2 cup (1 stick) unsalted butter, melted
- 1 cup all-purpose flour
- 3/4 cup old-fashioned whole-rolled oats (don’t use quick cook or instant, they’re finer and behave like flour and will make mixture too dry)
- 1/2 cup granulated sugar
- 1/4 cup light brown sugar, packed
- pinch salt, optional and to taste
Blueberry Layer- 12 ounces (2 cups) blueberries (fresh or frozen; I used frozen and didn’t thaw)
- 1/3 cup granulated sugar
- 2 tablespoons lemon juice
- 2 teaspoons cornstarch
DIRECTIONS:
- Preheat oven to 350F. Line an 8-inch square pan with aluminum foil and spray with cooking spray; set aside. Lining the pan helps with cleanup and is recommended.
- Crust and Crumble Topping – In a large, microwave-safe bowl melt the butter, about 1 minute on high power.
- Add the flour, oats, sugars, optional salt, and stir to combine. Mixture will be dry and sandy with some larger, well-formed crumble pieces.
- Set 1 heaping cup mixture aside to be sprinkled on later as crumble topping.
- Transfer remaining mixture to prepared pan, and using a spatula or your fingers, hard-pack the mixture to create an even, smooth, flat crust; set aside.
- Blueberry Layer – In a large mixing bowl (same one used for crust and crumble is okay), add all ingredients and toss to combine. If sugar hasn’t dissolved fully that’s okay because it liquifies while baking.
- Evenly distribute blueberry mixture over the crust.
- Evenly sprinkle with the reserved heaping 1 cup crumble topping mixture. Before sprinkling, I squeeze the mixture in my palm to encourage bigger crumble pieces to form.
- Bake for about 55 minutes, or until edges are set and center has just set. Crumble topping should appear set and very pale golden. I used frozen berries without thawing and the pan was very cold going into the oven. If using fresh berries, baking time will be reduced, but I’m not sure by how much, I’d guess at least 10-15 minutes, possibly less. Bars may take longer than 55 minutes if blueberries are very juicy. Watch your bars, not the clock, when evaluating doneness. Place pan on a wire rack and allow bars to cool for at least 30 minutes before slicing and serving. If you try to slice bars before they’ve cooled completely, they’ll be extremely messy and could fall apart. Bars will keep airtight at room temperature for up to 1 week, in the fridge for up to 10 days, or in the freezer for up to 6 months.
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