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!
Garlic Parmesan Roasted Cauliflower
This easy Garlic Parmesan Roasted Cauliflower is a perfect low-carb side dish for any occasion. It’s well seasoned with garlic, black pepper, paprika, and parmesan.
Cauliflower is a great veggie to have as a side dish if you’re on a low-carb diet. it has a very similar texture to potatoes, but without all the carbs that our bodies don’t like. It’s also full of vitamin C.
You may think it’s very plain on its own. But it’s super versatile, which means you can prepare and season it the way you enjoy!
It goes well with parmesan cheese and pretty much all spices you want to cook/bake such as curry, cumin, coriander, and of course, paprika. Also, cauliflower goes along with any type of meat.
One of the best ways to make cauliflower is to roast it. Then, you have the chance to use garlic, olive oil, paprika, and parmesan, which brings this “not very flavourful” vegetable to a whole other level. However, when you roast the cauliflower, you need to spread the florets out into a single layer on the roasting pan. Otherwise, they’ll probably become soggy and it’s the last thing you want to happen to your Garlic Parmesan Roasted Cauliflower.
Also, you can’t roast it more than 30 minutes. This Garlic Parmesan Roasted Cauliflower will probably be ready in 25 minutes or until the top is lightly brown. You’ll know if your cauliflower is cooked using a fork to test for doneness. It should easily pierce the cauliflower.
Ingredients:
- 1 large head cauliflower, cut into florets
- 1 tablespoon extra-virgin olive oil
- Salt to taste
- ¼ teaspoon black pepper to taste
- 1 tablespoon garlic clove, minced
- 1 teaspoon paprika
- ½ cup grated parmesan cheese
- Fresh parsley, chopped
Directions:
- Preheat oven to 400 degrees F.
- Line a baking sheet with foil.
- In a large bowl, add cauliflower florets, olive oil, salt, pepper, garlic, and paprika and mix everything well to combine.
- Transfer everything to the prepared baking sheet. The florets should be in a single layer.
- Bake the cauliflower for 15 minutes.
- Turn the florets to the other side, sprinkle with the parmesan cheese and bake 15 more minutes.
- Serve in a casserole and garnish with parsley.
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