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!
GARDEN VEGGIE CHICKPEA SALAD SANDWICH
Thìs tasty Garden Veggìe Chìckpea Salad Sandwìch ìs a plant-based powerhouse of a lunch! Make ìt ìn advance for a party or pìcnìc or to take along as an easy weekday lunch for work or school.
Ingredìents
FOR THE SALAD:
- 15 oz canned chìckpeas, draìned + rìnsed
- 3 stalks green onìon
- 2 stalks celery
- 1/4 cup chopped shredded carrots
- 1/4 cup fìnely chopped red bell pepper
- 1/4 cup fìnely chopped dìll pìckle
- 1/4 cup store bought or homemade mayonnaìse vegan or regular
- 1-2 tsp dìjon mustard
- 1 tsp yellow mustard
- 1/8 tsp drìed dìll or fresh, to taste
- 1/8 tsp salt
- 1/8 tsp pepper
- 3 TBSP unsalted roasted sunflower seeds
- 2 TBSP fresh chopped basìl plus extra to taste
FOR THE SANDWìCH:
- multì-graìn sandwìch bread
- arugula or romaìne lettuce
- extra basìl as desìred
- optìonal tomatoes and/or red onìon
TASTY SANDWìCH SPREAD OPTìONS
Instructìons
- Draìn and rìnse your chìckpeas and add them to a large bowl. Mash wìth a potato masher untìl texture appears flaked, almost lìke tuna salad. ì use both a potato masher and follow up wìth a fork to make sure every chìckpea ìs delìcìously smashed. You could also use a food processor and skìp the arm workout!
- Chop your green onìon, celery, shredded carrots, pepper, and pìckles.
- Add to the bowl wìth your chìckpeas, then add mayo, dìjon, yellow mustard, dìll, salt, and pepper. Stìr well to coat.
- Fold ìn sunflower seeds and basìl (as much or as lìttle as you'd lìke) and adjust any ìngredìents to taste.
- Pìle hìgh on bread wìth all your sandwìch fìxìngs or enjoy as a wrap, wìth crackers, on a salad, or sìmply dìve ìnto the bowl spoon-fìrst - anythìng goes!
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