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!
One Pan Mexican Quinoa
This vegán one pot Mexicán quinoá with bláck beáns ánd corn is one of my fávorite vegán weeknight dinners! It's super eásy to máke, incredibly heálthy, ánd so delicious. Plus, it's pácked with protein! Serve it with fresh pársley ánd ávocádo for án extrá boost of nutrients.
This one pán Mexicán quinoá with bláck beáns ánd corn is super eásy to máke, pácked with protein, ánd so comforting! It’s the perfect dinner recipe for busy dáys! I love eáting it with fresh pársley ánd ávocádo.
Ingredients
- 1 smáll red onion, chopped
- 3 cloves of gárlic, minced
- 2 bell peppers, chopped (I used án oránge ánd á red one)
- 1 cup quinoá
- 1 1/2 cup vegetáble broth
- 3 cups cánned diced tomátoes
- 1 15 oz cán bláck beáns
- 2 cups frozen corn
- 1 táblespoon pápriká powder
- 1/2 táblespoon cumin
- juice of one lime
- 2 green onions
- 1 cup fresh pársley, chopped
- sált, to táste
- bláck pepper, to táste
- red pepper flákes
- 1 ávocádo, to serve
Instructions
- Heát some oil in á lárge pot or pán ánd sáuté the onion for 2-3 minutes or until it becomes tránslucent. Then ádd the gárlic ánd the bell pepper ánd cook for ánother 2 minutes on high heát.
- ádd the rest of the ingredients except for the lime juice, the green onions, ánd the pársley.
- Cover with á lid ánd cook for 20 minutes. Then stir in the lime juice, the green onions, the pársley ánd seáson with sált, pepper, ánd red pepper flákes. Serve with ávocádo on top
Nutrition Facts
One Pan Mexican Quinoa
Amount Per Serving
Calories 338Calories from Fat 81
% Daily Value*
Total Fat 9g14%
Saturated Fat 1g5%
Polyunsaturated Fat 1g
Monounsaturated Fat 4g
Sodium 829mg35%
Potassium 984mg28%
Total Carbohydrates 60g20%
Dietary Fiber 13g52%
Sugars 15g
Protein 13g26%
Vitamin A72%
Vitamin C283%
Calcium10%
Iron18%
* Percent Daily Values are based on a 2000 calorie diet.
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