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.
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!
Back to this very delayed Cinnamon Roll in a Mug. It is so easy to make. It literally takes a minute or two to form and about fifty seconds to cook.
Once it’s cooked, turn it out onto a plate and admire it’s cinnamon roll beauty for a second before anointing it with a generous dribble of frosting. Then tuck in immediately. Don’t keep it hanging around. It is best eaten right away because once it cools it gets a bit tough.
The roll itself is not overly sweet, although you could add sugar to the actual dough if you wanted to make it a little sweeter. With the addition of the frosting though, the sweetness is perfect !
One Minute Cinnamon Roll in a Mug Recipe
If you have a mug, a microwave & a spoon you can make this single serving One minute Cinnamon Roll in a Mug. It’s so easy & perfect for when those sweet cravings hit & you NEED dessert, like now!
For the cinnamon roll
- 9 level tablespoons all purpose flour
- ¾ teaspoon baking powder
- a pinch of salt
- Around 3-4½ tablespoons water
- A tiny dab of oil for greasing the mug coconut or mild olive oil/vegetable oil
- ¾ teaspoon cinnamon
- 1½ tablespoons coconut sugar you can sub any fine sugar – don’t use one with large chunky grains unless you don’t mind the grainy texture when it’s cooked
- ½ teaspoon water
For the frosting
- 3 tablespoons natural powdered sugar
- A drop of plant-based milk or water around ¾ teaspoon
- Grease a normal sized drinking mug (just a standard medium sized one) with a tiny dab of oil. Be sure to reach into the bottom and the edges well.
- First make the frosting. In a small bowl mix the powdered sugar with either plant-based milk or water. Add the liquid a tiny bit at a time. It doesn’t take much at all and the most you will need is ¾ teaspoon of water, perhaps a tiny drop more if you are using milk. Stir well until smooth then set aside.
- Add the flour, baking powder and salt to another small bowl and stir to combine.
- Gradually add the water (from the 3-4½ tablespoons, stirring until it starts to form a dough then use your hand to bring it together, kneading a few times until its a smooth, flexible ball of dough. If you do accidentally add a drop too much water and it’s a bit sticky, add a little tiny bit more flour. If it’s very dry and won’t come together, add a drop more water. Only handle it as much as you need to.
- Dust your work surface with a little flour, then roll your dough out into a long strip about 4 inches wide and a couple of millimetres thick
- Sprinkle the coconut sugar and cinnamon evenly over the dough then fold the edges inwards to seal it in and stop it all falling out when you lift it into the mug.(see my video above).
- You will be left with a long narrow strip which you can roll up.
- Roll it up and gently lift it and place it in the greased mug.
- Pour over ½ teaspoon water then place in the microwave.
- Microwave uncovered on full power for around 45 – 50 seconds. My microwave is 1200 watts. You may need to adjust the time a bit up or down. All microwaves are different so be careful not to overcook it. If you overcook it it will become tough so be sure to check how powerful your microwave is first and adjust accordingly. The very maximum time it will need is about 1 min 10 seconds and that is only if you have a really low powered microwave. Remember that it will continue to cook a little bit after you remove so a tiny bit under done is better than overdone as then it will go tough. If it needs longer cook in 5 second increments to avoid over cooking it.
- It should have swollen up nicely when you check it and if you insert a toothpick or skewer into the dough it should come out clean. It is normal for the top and sides to be a little soft & damp & look a bit doughy when you first take it out because it has basically steamed in the mug.
- Turn out onto a plate and spoon over the frosting.
- Eat immediately.