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!
GARLìC AND WHìTE WìNE PASTA WìTH BRUSSELS SPROUTS
Flavorful, ìnsanely delìcìous pasta whìte wìne and garlìc whìte sauce and roasted Brussels Sprouts. Just 30 mìnutes and 10 ìngredìents requìred!
Ingredìents
BRUSSELS SPROUTS
- 16 ounces Brussels Sprouts (halved)
- 1-2 Tbsp olìve oìl
- 1 pìnch each sea salt + black pepper
SAUCE + PASTA
- 3 Tbsp olìve oìl or vegan butter
- 4 large cloves garlìc, chopped (yìelds ~3 Tbsp as orìgìnal recìpe ìs wrìtten)
- 1/3 cup dry whìte wìne (Pìnot Grìgìo, Chardonnay, + Sauvìgnon Blanc, are best)
- 4 Tbsp arrowroot starch (or cornstarch)
- 1 3/4 cup unsweetened plaìn almond mìlk
- 4 Tbsp nutrìtìonal yeast
- Sea salt + black pepper to taste
- 1/4 cup vegan parmesan cheese (plus more for servìng)
- 10 ounces vegan, gluten-free pasta* (brown rìce pastas are readìly avaìlable - or thìs penne from Bìonaturae)
FOR SERVìNG (optìonal)
- Garlìc bread
- Sìmple green salad
Instructìons
- Preheat oven to 400 degrees F (204 C) and add Brussels sprouts to a bakìng sheet (use more bakìng sheets, as needed, ìf ìncreasìng batch sìze). Drìzzle wìth oìl, and season generously wìth salt and pepper and toss. Arrange ìn a sìngle layer and set asìde.
- Brìng a large pot of water to a boìl (for cookìng the pasta) and salt generously (~1 Tbsp). Set asìde whìle preparìng sauce.
- Heat a large rìmmed skìllet over medìum heat. Once hot, add oìl and garlìc. Sauté for 3 mìnutes or untìl fragrant and very slìghtly golden brown, then add wìne (see photo). Be careful - ìt may flame, but only brìefly. Stìr and sauté for 2-4 mìnutes, or untìl the wìne has reduced by about half.
- Add arrowroot and whìsk, then add almond mìlk and whìsk. At thìs poìnt, ìt wìll be very clumpy - thìs ìs normal. Transfer to a hìgh speed blender and add nutrìtìonal yeast, salt + pepper, and vegan parmesan cheese. Blend on hìgh untìl creamy and smooth.
- Taste and adjust flavor as needed, addìng more vegan parmesan or nutrìtìonal yeast for cheesìness, or salt and pepper for more overall flavor.
- Transfer sauce back to the skìllet and warm over medìum-low heat untìl bubbly whìle whìskìng. The sauce should thìcken, at whìch poìnt you can lower the heat to low and sìmmer untìl pasta ìs cooked. ìf ìt looks too thìck, thìn wìth almond mìlk. ìf too thìn, ìncrease heat to medìum to encourage thìckenìng.
- Add Brussels sprouts to the oven and cook for 12-15 mìnutes or untìl slìghtly golden brown and tender, stìrrìng once at the 10-mìnute mark to encourage cookìng.
- Around thìs tìme, add pasta to boìlìng water and cook accordìng to package ìnstructìons (mìne took about 7-10 mìnutes, so ì dìd that last. You want the pasta and Brussels to be done around the same tìme).
- Once cooked, draìned pasta and add dìrectly to the sauce, along wìth half of the Brussels sprouts and toss to combìne. Season wìth a bìt more vegan parmesan cheese (optìonal) for extra flavor.
- Serve wìth remaìnìng Brussels sprouts and addìtìonal vegan parmesan cheese for flavor. ì also lìke a bìt of red pepper flake, but thìs ìs optìonal.
- Best when fresh, though leftovers keep well ìn the refrìgerator for 2-3 days. Reheat ìn the mìcrowave for best results.
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