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!
Dairy-free Spaghetti Squash Chicken Alfredo
This Dairy-free Spaghetti Squash Chicken Alfredo is about to become your everything. Seriously, your everything. Not only will you get a big dose of healthy veggies thanks to the spaghetti squash standing in for pasta, but you’ll also get the most luxuriously creamy alfredo sauce that’s 100% dairy-free with far less fuss than making a traditional cream sauce.
Dairy-free Spaghetti Squash Chicken Alfredo
INGREDIENTS- 1 large spaghetti squash (about 3 lbs.), halved lengthwise and seeds removed
- 1 ½ lbs. boneless, skinless chicken thighs
- 1 cup raw cashews
- 3 cups boiling water
- 2 Tbsp. nutritional yeast
- 1-2 cloves garlic, peeled
- 1 Tbsp. lemon juice
- ½ tsp. salt + more to taste
- ¾ cup unsweetened almond milk (or other non-dairy milk of choice)
- ½ cup fresh basil, thinly sliced; plus more for garnish
INSTRUCTIONS- Preheat oven to 400℉.
- Place cashews in a small bowl and cover with boiling water. Place a plate over the bowl to cover and allow to rest for 30 minutes while you prepare the squash and chicken.
- Line two rimmed baking sheet with parchment paper. On one sheet, place halved squash cut side down. Place chicken thighs on the other sheet and sprinkle with salt and pepper.
- Place baking sheets in preheated oven. Remove chicken after 25-30 minutes or when cooked through and no longer pink inside. Remove chicken and cover with foil or a plate.
- Allow squash to bake for an additional 20-25 minutes or until tender. While the squash bakes it’s time to prepare the alfredo sauce.
- To prepare the alfredo sauce:
- Drain cashews and place in the canister of the Vitamix.
- Add nutritional yeast, 1 garlic clove, lemon juice, ½ tsp. salt and almond milk.
- Blend on high for 2 minutes. Taste and adjust salt as needed, adding the additional clove of garlic and blending again if you’d like a more garlicky sauce. Sauce should be warm from blending. If not, replace the lid and blend another minute until warm (this is where the built-in blend timer comes in handy!)
- When squash is ready, carefully scrape flesh into a large bowl (or cast iron skillet) using a fork to create strands of ‘pasta’.
- Add diced chicken and toss with alfredo sauce. At this point, if your squash has cooled and if you used a skillet you can either place the skillet on the stove top over medium heat for 5-6 minutes or until heated through or pop the entire skillet back into the still-warm oven for a few minutes to warm while you prepare a vegetable or salad side dish.
- Stir chopped basil into spaghetti squash mixture just before serving. Top with additional basil, as desired.
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