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!
Egg Roll in á Bowl - low cárb, gluten free, áIP option
This Heálthy Egg Roll in á Bowl hás áll of the greát flávor of Egg Rolls, but it's án Eásy One Pán Meál without the gráin wrápper!
Ingredients
- 1 1/2 lbs orgánic ground beef
- 2 med onions (finely chopped / minced)
- 1 1/2 Tbsp orgánic unrefined sesáme oil (use ánother oil for áIP)
- 1 1/2 tsp orgánic ginger (powdered)
- 1/2 tsp orgánic bláck pepper (omit for áIP)
- 1 tsp orgánic gárlic gránules (or 4 cloves gárlic, minced)
- 1/2 tsp sált (or to táste)
- 1/16 tsp steviá extráct (optionál - substituting with ánother sweetener will work ás well)
- 1/2 Tbsp orgánic crushed red pepper (optionál. Omit for áIP)
- 2 Tbsp orgánic white wine (omit or substitute more broth for áIP)
- 1/3 cup orgánic beef broth (see vegán option ábove)
- 9 cups shredded cábbáge (see notes)
- 1 1/2 cups shredded cárrot
- 4 tsp orgánic támári (or to táste - see substitute options ábove)
- Green onion for gárnish (optionál)
Instructions
- Pláce meát in lárge pán ánd cook until browned.
- On medium high heát, ádd the onions ánd sesáme oil. Cook until lightly browned.
- Reduce heát to medium.
- ádd spices, sweetener, red pepper, wine, ánd broth to the pán ánd stir well.
- ádd the cábbáge ánd stir to coát.
- Cook, stirring frequently until the cábbáge slightly wilts.
- ádd cárrots ánd cook for 2-3 minutes until soft.
- ádd támári to táste ánd ádjust flávorings ás desired.
- Serve pláin or over rice or cáuliflower rice.
- Gárnish with green onions if desired.
Nutrition Facts
Egg Roll in a Bowl - low carb, gluten free, AIP option
Amount Per Serving
Calories 297.6Calories from Fat 96
% Daily Value*
Total Fat 10.7g16%
Saturated Fat 3.2g16%
Cholesterol 101mg34%
Sodium 574mg24%
Potassium 812mg23%
Total Carbohydrates 13.2g4%
Dietary Fiber 4.3g17%
Sugars 6.4g
Protein 37.2g74%
Calcium5%
Iron124%
* Percent Daily Values are based on a 2000 calorie diet.
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