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!
SPINACH QUICHE MUFFINS
These healthy little Spinach Quiche Muffins are easy to make ahead and just heat them up each morning. Have along with oatmeal for a great clean eating breakfast.
Ingredients
- 1 TBSP coconut oil
- 2 cups of fresh baby spinach 1 cup if you don't prefer lots of spinach
- 7 eggs or 1 3/4 cup of egg whites or egg substitute. I like to use more egg whites for a much healthier version of 1 3/4 cup of liquid egg white and 1-2 whole eggs
- 8 oz package baby bella or white mushrooms sliced or diced small
- 1/4 cup finely diced red bell pepper optional
- 1/4 cup finely diced onion optional
- 1/4 cup shredded cheese of your choice optional I love a little feta sometimes.
- Pepper to taste
- You can really add whatever you'd like to these. Ground turkey sausage bacon, Asparagus, broccoli, etc. Be creative.
Instructions
- Preheat oven to 350 degrees
- Heat coconut oil in a large skillet on medium heat.
- Saute the mushrooms (and onions and peppers if using) for about 5-6 minutes
- Then add the spinach and cook for about 4 more minutes or until tender.
- Drain the excess liquid very well.
- In a large mixing bowl, whisk the eggs until combined. Add the cooked mushrooms, spinach, onion, red pepper and cheeses (if using) and mix well.
- Divide the mixture evenly between the muffin tin.
- Bake at 350 degrees for 20-25 minutes, until set and a knife inserted in the center comes out clean.
- Store in the refrigerator or freeze. Just pop them in the microwave when you're ready to eat them.
Nutrition Facts
Spinach Quiche Muffins
Amount Per Serving
Calories 66Calories from Fat 36
% Daily Value*
Total Fat 4g6%
Saturated Fat 2g10%
Cholesterol 110mg37%
Sodium 61mg3%
Potassium 164mg5%
Total Carbohydrates 1g0%
Protein 4g8%
Vitamin A14.8%
Vitamin C6.8%
Calcium3.6%
Iron4%
* Percent Daily Values are based on a 2000 calorie diet.
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