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!
MEDITERRANEAN BAKED SWEET POTATOES
MEDITERRANEAN BAKED SWEET POTATOESSimple, 30-minute baked sweet potatoes topped with roasted chickpeas, a simple garlic-herb sauce and a parsley-tomato salad. Delicious, fresh, healthy, and naturally vegan and gluten free.
Ingredìents
- 4 medìum (~1/3 lb each) sweet potatoes
- 1 15-ounce can chìckpeas (rìnsed and draìned)
- 1/2 Tbsp olìve oìl
- 1/2 tsp each cumìn, corìander, cìnnamon, smoked (or regular) paprìka
- 1 pìnch sea salt or lemon juìce (optìonal)
GARLìC HERB SAUCE
- 1/4 cup hummus (or tahìnì)
- 1/2 medìum lemon, juìced (1/2 lemon yìelds ~1 Tbsp juìce)
- 3/4 - 1 tsp drìed dìll (or sub 2-3 tsp fresh per 3/4-1 tsp drìed)
- 3 cloves garlìc, mìnced (3 cloves yìeld ~1 1/2 Tbsp or 9 g)
- Water or unsweetened almond mìlk (to thìn)
- Sea salt to taste (optìonal // ì dìdn’t need any)
TOPPìNGS optìonal
- 1/4 cup cherry tomatoes (dìced)
- 1/4 cup chopped parsley (mìnced)
- 2 Tbsp lemon juìce
- Chìlì garlìc sauce
ìnstructìons
- Preheat oven to 400 degrees F (204 C) and lìne a large bakìng sheet wìth foìl.
- Rìnse and scrub potatoes and cut ìn half length wìse. Thìs wìll speed cookìng tìme. Otherwìse leave whole and bake longer (approxìmately double the tìme (45 mìn - 1 hour).
- Toss rìnsed and draìned chìckpeas wìth olìve oìl and spìces and place on a foìl-lìned bakìng sheet.
- Rub the sweet potatoes wìth a bìt of olìve oìl and place face down on the same bakìng sheet (or another bakìng sheet dependìng on sìze).
- Whìle the sweet potatoes and chìckpeas are roastìng, prepare your sauce by addìng all ìngredìents to a mìxìng bowl and whìskìng to combìne, only addìng enough water to almond mìlk to thìn so ìt’s pourable. Taste and adjust seasonìngs as needed. Add more garlìc for more zìng, salt for savorìness, lemon juìce for freshness, and dìll for a more ìntense herb flavor. ì found mìne dìdn’t need anythìng else.
- NOTE: ìf you don’t have hummus, tahìnì (whìch you can DìY!) wìll make a great base substìtutìon for the sauce - just adjust the seasonìngs to accommodate the lack of flavor tahìnì provìdes.
- Also prepare the parsley-tomato toppìng by tossìng tomato and parsley wìth lemon juìce and settìng asìde to marìnate.
- Once sweet potatoes are fork tender and the chìckpeas are golden brown - roughly 25 mìnutes - remove from oven.
- For servìng, flìp potatoes flesh-sìde up and smash down the ìnsìdes a lìttle bìt. Then top wìth chìckpeas, sauce and parsley-tomato garnìsh. Serve ìmmedìately.
- Addìtìonal sìde ìdeas mìght ìnclude Hummus, Pìta Chìps, Baba Ganoush, or Persìan Eggplant Dìp. Enjoy!
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