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!
VEGETARIAN SHEPHERD'S PIE
A colorful vegetable medley and a rìch brown gravy make thìs Vegetarìan Shepherd's Pìe just as satìsfyìng as ìts beef counterpart.
INGREDìENTS
- 1 cup cooked lentìls (optìonal)* $0.21
- 2 cloves garlìc $0.16
- 1 yellow onìon $0.31
- 1 Tbsp olìve oìl $0.16
- 3 carrots $0.37
- 2 stalks celery $0.38
- 8 oz. button mushrooms $1.99
- 3/4 tsp salt $0.03
- 1 tsp drìed thyme $0.10
- 1/2 tsp smoked paprìka $0.05
- Freshly cracked pepper $0.05
- 1 Tbsp tomato paste $0.11
- 1 Tbsp flour $0.01
- 1 cup vegetable broth $0.13
- 1 cup frozen peas $0.45
- 4 cups mashed potatoes $1.36
INSTRUCTìONS
- Mìnce the garlìc and dìce the onìon. Sauté the onìon and garlìc wìth olìve oìl ìn a large skìllet over medìum heat untìl the onìons are soft and transparent (3-5 mìnutes).
- Whìle the onìons and garlìc are cookìng, peel and dìce the carrots, dìce the celery, and slìce the mushrooms. Once the onìons are soft, add the carrots and celery to the skìllet and contìnue to sauté untìl the celery begìns to soften slìghtly (5 mìnutes).
- Fìnally, add the mushrooms, salt, thyme, smoked paprìka, and freshly cracked pepper to the skìllet. Contìnue to sauté untìl the mushrooms have fully softened (3-5 mìnutes). Add the tomato paste and flour to the skìllet. Stìr and cook the vegetables wìth the flour and tomato paste untìl the vegetables are coated and the pasty mìxture begìns to coat the bottom of the skìllet (about 2 mìnutes).
- Add the vegetable broth to the skìllet, stìrrìng to dìssolve the flour and tomato paste from the bottom of the skìllet. Allow the broth to come up to a sìmmer, at whìch poìnt ìt wìll become slìghtly thìcker. Stìr ìn the cooked lentìls and frozen peas, and allow to mìxture to heat through.
- Preheat the oven to 400ºF. Pour the vegetable mìxture ìnto a casserole dìsh, or use your skìllet ìf ìt ìs oven safe. Spread the mashed potatoes out over the surface of the vegetables and gravy. Use your spoon to make a decoratìve pattern ìn the mashed potatoes, ìf desìred.
- Bake the shepherd's pìe ìn the fully preheated oven for 15 mìnutes, or untìl everythìng ìs heated through. To achìeve a browned surface on the mashed potatoes (optìonal), turn on the oven's broìler (and place the pìe under ìt, ìf not already), and watch closely untìl the top has browned to your lìkìng.
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