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!


Try Baking Bread With This Easy 4-Ingredient Recipe

Looking for an easy homemade bread recipe? This one is easy and quick to put together, so look no further! This cloud bread recipe is a bread alternative that’s light, tasty and easy to make with just four ingredients.
Make delicious cloud bread with just four ingredients!

Cloud bread is a unique food, like nothing I’ve had before. It’s not a true bread since it doesn’t include flour nor water, but its versatility is like that of bread — the texture is fluffy, somewhat spongy and bread-like. And cloud bread can be enjoyed in both savory or sweet ways, just like bread!

I sometimes like to switch up my sandwiches using cloud bread. I find that it’s a great grab-and-go snack to keep around, especially when using some of the flavorful variations I’ve listed below (after the recipe).

New to baking bread? Start with our free guide, Bread Making Basics, to learn essential bread secrets from types of yeast to storage and everything in between!Download The FREE Guide

Makes 6-8 portions

  • 3 eggs
  • 3 tablespoons cream cheese, softened at room temperature
  • ¼ teaspoon cream of tartar
  • 1 tablespoon granulated sugar or honey

Preheat oven to 300 F. Separate the eggs — take extra care with doing so. Place yolks in a bowl with cream cheese and sugar.

Place egg whites in the bowl of an electric mixer with the cream of tartar. There should be no trace of yolk in this bowl — otherwise it will not whip up nicely.

Beat egg yolk mixture with a whisk or hand mixer until it’s smooth and cream cheese is completely incorporated. There should no longer be bits of cream cheese visible. Set aside.

Using an electric mixer, whip egg whites and cream of tartar until stiff peaks form. This will take about 4-5 minutes at high speed.

Using a wide spatula, gently fold the yolk mixture into the egg white mixture.

Spoon the mixture into even dollops on a parchment paper–lined cookie sheet. You can make either 6 or 8 buns, depending on how large you want them. The 6-piece size is a good sandwich size and is also wide enough to hold a standard burger patty. Bake for 25-35 minutes if making 6 clouds; 20-30 minutes if making 8 clouds.
The tops should be golden when ready. Let cool for 10 minutes and lift off of the parchment paper. It’ll be easier to do so while warm.

The tasty buns can be served toasted or cold topped with fruit preserves or whipped cream and fresh fruits! Store in an airtight container or resealable bag for up to 3 days at room temperature or one week in the refrigerator.

Now that you’ve got the basics down for making this fluffy cloud bread, Here are some variations to try!
For all these variations, you’ll sprinkle the herbs and/or spices over the portions just before or just after baking. Don’t fold it in with everything else. An important part of this recipe is keeping the egg whites as fluffy as possible, and more folding will deflate them.

  • Sea salt and pepper
  • Chipotle powder
  • Smoked paprika and sea salt
  • Chopped rosemary
  • Minced onion

  • Shredded cheeses (make mini pizzas!)
  • Butter and garlic (microwave melted butter and minced garlic for 45 seconds or until fragrant)
  • Cinnamon and sugar (brush with melted butter before sprinkling)
  • Caramelized onion

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