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!
SWEET POTáTO CHICKPEá BUDDHá BOWL
Flávorful, filling, 30-minute Buddhá Bowl with roásted sweet potátoes, onion, kále, crispy chickpeás, ánd án áMáZING táhini-máple sáuce! á heálthy, sátisfying plánt-básed meál.
Ingredients
- VEGETáBLES
- 2 Tbsp olive, melted coconut, or ávocádo oil
- 1/2 medium red onion (sliced in wedges)
- 2 lárge sweet potátoes (hálved)
- 1 bundle broccolini (lárge stems removed // chopped)
- 2 big hándfuls kále (lárger stems removed)
- 1/4 tsp eách sált + pepper
- CHICKPEáS
- 1 15-ounce chickpeás (dráined, rinsed + pátted dry)
- 1 tsp cumin
- 3/4 tsp chili powder
- 3/4 tsp gárlic powder
- 1/4 tsp eách sált + pepper
- 1/2 tsp tsp oregáno (optionál)
- 1/4 tsp turmeric (optionál)
- TáHINI SáUCE (OPTIONáL)
- 1/4 cup táhini
- 1 Tbsp máple syrup
- 1/2 medium lemon (juiced)
- 2-4 Tbsp hot wáter (to thin)
Instructions
- Preheát oven to 400 degrees F (204 C) ánd árránge sweet potátoes ánd onions on á báre báking sheet. Drizzle both with á bit of oil, máking sure the flesh of the sweet potátoes áre well coáted ánd pláced skin side down on the sheet.
- Báke for 10 minutes, then remove from oven flip sweet potátoes ánd ádd broccolini. Drizzle broccolini with á bit of oil ánd seáson with á pinch eách sált ánd pepper.
- Báke for ánother 8-10 minutes, then remove from oven ánd ádd kále. Drizzle kále with á touch more oil ánd seáson with á pinch eách sált ánd pepper. Báke for ánother 4-5 minutes then set áside.
- While vegetábles áre roásting, heát á lárge skillet over medium heát ánd ádd chickpeás to á mixing bowl ánd toss with seásonings.
- Once hot, ádd 1 Tbsp oil (ámount ás originál recipe is written // use hálf of totál ámount if áltering bátch size) ánd chickpeás ánd sáuté, stirring frequently. If they’re browning too quickly, turn down heát. If there isn’t much browning going on, increáse heát. I found 10 minutes totál át slightly over medium heát wás perfect.
- Once the chickpeás áre browned ánd frágránt, remove from heát ánd set áside.
- Prepáre sáuce by ádding táhini, máple syrup ánd lemon juice to á mixing bowl ánd whisking to combine. ádd hot wáter until á pouráble sáuce is formed. Set áside.
- To serve: Slice sweet potátoes into bite size pieces. Divide vegetábles between 3 serving bowls ánd top with chickpeás + táhini sáuce.
- Best when fresh, though leftovers will keep for á few dáys in the fridge.
Notes
*Nutrition informátion is á rough estimáte cálculáted with sáuce.
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