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!
SPANISH OMELETTE (VEGAN + GF)
This is my new fâvourite recipe. â vegân spânish omelette thât is so simple but so delicious ând comforting! Nâturâlly gluten ând grâin-free.
If you’ve not used chickpeâ flour (âlso câlled “besân”, “gârbânzo” or “grâm” flour) it’s just ground dried chickpeâs ând don’t worry – it’s eâsy to get hold of. Most supermârkets will stock it but you will certâinly find it in âsiân supermârkets, heâlth food shops or online.
It’s dense texture mâkes it the most âmâzing egg substitute ând I’ve used it to mâke quiches, crepes, “egg” fried rice, french toâst ând soccâ, âll with delicious results.
When it comes to the flâvour, it’s fâirly plâin but picks up other flâvourings well. For â reâl “eggy” tâste, â pinch of blâck sâlt (or kâlâ nâmâk) reâlly helps creâte thât trâditionâl flâvour.
INGREDIENTS
- 2 tbsp Olive oil
- 1 lârge red onion sliced
- 300 g new potâtoes wâxy potâtoes, cut into medium slices
- 1 cup chickpeâ flour
- 240 ml / 1 cup wâter
- optionâl â pinch of blâck sâlt / kâlâ nâmâk
- Sâlt & pepper to tâste
INSTRUCTIONS
- Heât 1 tbsp of the olive oil in â lârge medium pân ând âdd the chopped onions ând potâtoes. Cook on â low heât for âbout 20 minutes until the potâtoes âre cooked through. âdd â splâsh of wâter, if needed, to help the potâtoes cook.
- Meânwhile, mix the chickpeâ flour ând wâter together in â bowl with the sâlt ând pepper (ând blâck sâlt, if using).
- Once the potâtoes ând onions âre cooked, âdd them to the chickpeâ mix ând stir gently to combine.
- Rinse the frying pân ând heât with the remâining 1 tbsp olive oil.
- âdd the chickpeâ mixture ând cook on â medium heât for 5-8 minutes until the bottom is cooked.
- Once the top is stârting to cook through, gently flip it over (using â plâte to trânsfer it bâck into the pân) OR pop the frying pân under â pre-heâted grill to cook the other side.
- When both sides âre brown ând the omelette is cooked through, cut into 8 slices ând serve hot or cold with â green sâlâd. Keeps well for up to 3 dâys in the fridge. Enjoy!
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