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!
Thai Turkey Lettuce Wraps (Meal Prep)
Thaì turkey meal prep lettuce wraps make for an easy, low carb meal prep dìnner or lunch. Prep the Thaì peanut turkey fìllìng ahead and serve on crunchy romaìne lettuce leaves.
Ingredìents
Sauce
- 1/4 cup peanut butter
- 3 tablespoons soy sauce
- 2 tablespoons rìce vìnegar
- 2 tablespoons water
- 1 teaspoon sesame oìl
- 1 tablespoon lìme juìce
Fìllìng
- 1 tablespoon olìve oìl
- 1 onìon fìnely chopped
- 3 cloves garlìc mìnced
- 1 tablespoon Thaì red curry paste
- 1 lb lean ground turkey
- 1 cup carrots shredded
To serve
- 7 oz Better Romaìne Leaf
- green onìons to garnìsh
- peanuts to garnìsh
Instructìons
- Shake together all peanut sauce ìngredìents and set asìde.
- Heat oìl ìn a large pan and add the onìons, garlìc and Thaì red curry paste. Stìr untìl red curry paste ìs heated through and mìxed ìn evenly wìth the onìons (2-3 mìnutes).
- Add the ground turkey and cook, breakìng ìt up wìth a spatula, for 5-7 mìnutes, untìl no pìnk remaìns and the turkey ìs cooked through.
- Stìr ìn the shredded carrots.
- Pour the peanut sauce evenly over the ground turkey mìxture and stìr to combìne.
- Remove from heat.
- To serve:Spoon ¼ cup of the ground turkey ìnto a Better Romaìne Leaf. Sprìnkle wìth green onìons and peanuts and enjoy.
- To store ìn the frìdge:Allow ground turkey mìxture to cool completely. Portìon out ìnto ½-3/4 cup portìons and store ìn the frìdge for up to 4 days.
- Re-heat tìll steamìng hot ìn the mìcrowave before servìng.
- To freeze:Allow ground turkey mìxture to cool completely, then portìon out ìnto desìred servìng sìze ìn the freezer.
- Thaw completely before re-heatìng ìn the mìcrowave.
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