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!
CINNAMON FRENCH TOAST BITES
These Cinnamon French Toast Bites are so much fun to make! You kind of “sauté” them, as though you are stir frying! And it goes without saying that they’re fun to EAT too. 🙂
These French Toast Bites are really just a variation on my Cinnamon French Toast Sticks. The only difference is that the bread is cut into cubes and they are way more fun to cook.
“More fun to cook?”, I hear you ask. Yes, they really are! Because they are in the shape of cubes, browning each side by turning them is a real pain. So instead, I “sauté” them with a wooden spoon, as though I’m making a stir fry. It works perfectly!
Food you can eat with your hands. My favourite kind….
French toast in bite size form! These are really fun to make - you "sauté" them as though they are cubes of tofu or chicken, then toss in cinnamon sugar. And it goes without saying they are also fun to eat! They taste like mini cinnamon sugar doughnuts. 🙂
Ingredients
- 4 thick slices of slightly stale white bread (1"/2.5cm thick) (Note 1)
- 2 large eggs (or 3 small eggs)
- 1/4 cup milk
- Pinch of salt
- 1/4 cup white sugar
- 1/2 tsp cinnamon powder
- 3 tbsp butter , separated
- Maple syrup to serve (not optional!)
Instructions
- Cut the crust off the bread, then cut each piece into 9 equal cubes.
- Whisk the eggs, milk and salt in a medium bowl.
- Combine sugar and cinnamon in a shallow bowl.
- Melt 1 1/2 tbsp of butter in a fry pan over medium high heat. Don't let the butter brown.
- Quickly toss half the bread cubes in the egg mixture and use your hands to shake off excess egg mixture. Place the bread cubes in the fry pan and use a wooden spoon to "sauté" them until browned on all sides - about 2 to 3 minutes.
- Remove the bread cubes from the fry pan straight into the sugar mixture. Toss to coat, then remove onto a plate.
- Repeat with remaining bread cubes.
- Serve immediately, with maple syrup for dipping.
Recipe Notes
1. I really recommend using slightly stale bread for this so the bread doesn't soak up too much egg mixture (which results in the inside of the french toast being soggy raw egg) AND they will hold their cube shape better when "sautéing" them. The best bread to use is a block loaf which you can cut into the desired thickness. This can be made with pre sliced bread but because the slices won't be 1"/2.5cm thick, the french toast won't be "cubes" (or they will be very small cubes!).
But if you don't mind what shape they come out as, you can use any bread you want for this (though personally breads with grains in it isn't to my taste for this dish). I've made this with sourdough, leftover baguettes and even mixing up scraps of different types of leftover bread.
2. The thickness of each slice of bread is about the equivalent of 2 slices of sandwich bread. But you cut the crusts off so you lose a bit of bread. So this recipe serves around 3 people, or 4 people watching their calorie intake, or 2 extremely hungry people / people who lack self control around doughnuts. 🙂
3. Nutrition assuming 3 servings.
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