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!
BBQ CAULIFLOWER & CHICKPEA VEGGIE BURGERS
Tons of delicious BBQ flavor packed into these easy veggie burgers! Everyone will enjoy them!
I feel like I sound like a broken record, but things have been busy around here lately! We went on a trip to Iowa to visit my husband’s family and then a few days after we got back, my 8 month old got really sick with his first virus. Then, I got sick with a bad cold and then we had a friend come visit for a few days. And, then my sister and her boyfriend came to visit. Thankfully, both Eli and I were better by that visit!
My sister hadn’t seen Eli since the day after he was born and he was in the NICU so it wasn’t very easy to hold him. She had told me that her and her boyfriend had made my BBQ Cauliflower and Chickpea Tacos on one of their first dates, so I thought it would be fun to make a variation of that recipe on their first night here.
The weather has been perfect here lately and we’ve been really enjoying sitting out on the porch in the evenings so I felt like veggie burgers were the perfect porch sitting meal! And, they were delicious! I highly recommend topping them off with the creamy lime slaw that I top the tacos off with and eating them with a side of these oven baked french fries.
Today is also our April #EatSeasonal recipe roundup! I feel a little lame since I used cauliflower in March as well, but these BBQ Cauliflower and Chickpea Veggie Burgers are so good, that I think you’ll forgive me 🙂 Don’t forget to scroll to the bottom of the page for more delicious recipes using April seasonal produce!
INGREDIENTS
- 1 small head cauliflower, cut into small florets
- 1 1/2 cups cooked quinoa
- 1 (15 ounce) can chickpeas, drained and rinsed
- 2 tablespoons bread crumbs, gluten free or regular
- 1 teaspoon ketchup
- 3 teaspoons olive oil
- 1 1/2 teaspoons ground cumin
- 1 1/2 teaspoons paprika
- 1 1/2 teaspoons garlic powder
- 1 1/2 teaspoons onion powder
- 1 1/2 teaspoons salt
- 1 1/2 teaspoons chili powder
- 1 1/2 teaspoons coconut sugar, or brown sugar
- 1 teaspoon smoked paprika – optional
- 1/2 teaspoon black pepper
- Optional toppings: Creamy Lime Slaw (recipe linked above)
INSTRUCTIONS
- Pre-heat oven to 400 degrees F. In a small bowl, mix together all of the spices. Place the cauliflower florets on a large baking sheet and evenly coat with 4 teaspoons of the BBQ rub and toss with 3 teaspoons olive oil. Bake cauliflower until fork tender, about 25 minutes.
- Add the roasted cauliflower, quinoa and chickpeas to a food processor and blend for about 1 minute, until everything is broken down. Place veggie burger mixture into a large bowl and add the bread crumbs, ketchup and remaining BBQ rub. Mix until everything is evenly combined.
- Form the mixture into patties, you can make them as big or as small as you like. You should get about 6. You can either refrigerate the patties for up to 4 days for a firmer veggie burger or cook immediately.
- To cook, heat a large pan over medium heat and coat with olive oil. Cook veggie burgers for about 5 minutes on each side.
NOTES
Veggie burgers can be frozen in an airtight container for up to 3 months.
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