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!
Detox Cauliflower Soup
Make a pot of this if you want to keep sickness at bay or shed a few pounds. It's low carb, packed with delicious veggies, herbs and spices and perfect for those chilly winter mornings.
- 2 heads of cualiflower or two 16oz bags of frozen cauliflower steamed
- 2 tbsp avocado oil
- 1 onion cut in half and sliced
- 2 cloves of garlic
- 1 cup water
- 3 cups low sodium vegetable broth
- the juice of one lemon or 3 tbsp
- 2 cups mushrooms, sliced (I use white button)
- 1 cup fresh parsley divided (some with get blended and the rest is to top)
- salt/pepper to taste
Steam cauliflower for 12 minutes until tender.
While cauliflower is steaming water sauté the half of the onion (sliced) and all of the mushrooms until both are browned and tender. Keep adding water as needed when you see the onions and mushrooms sticking to the pan.
When cauliflower is done place it in a blender and add in vegetable broth, avocado oil, water, 2 garlic cloves, lemon juice, 1 tbsp of fresh parsley, salt/pepper to taste and depending on how spicy you want it, either a quarter of a raw onion or half.
Blend until smooth and creamy and add salt and pepper as needed. It will be hot because of the steamed cauliflower however if it does get cool you can place the whole thing into a pot and heat it up for a few minutes.
Pour soup into bowls and top with sautéed onions and mushrooms, and a handful of fresh parsley. Sprinkle with extra salt and pepper.
Serve right away and Enjoy!
- If you don't want it spicy at all sauté the entire onion with the 2 garlic cloves and add half of the cooked onion with garlic to the blender with the rest of the ingredients. If you're cooking the whole onion go ahead and half half of it to the blender but if not just add a quarter of the raw onion to the blender.
- Store any leftovers in air tight containers and will last up to 4 or 5 days in the fridge.
- I have not tried freezing this recipe.
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