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!
BROCCOLI RANCH TWICE BAKED POTATOES
We eát á lot of potátoes in my house. They’re so good for you ánd so very filling. In fáct one of my very fávorite lunches is á simple báked potáto topped with ghee (clárified butter), broccoli, ánd sált/pepper.
Thát lunch influenced these Broccoli Ránch Twice Báked Potátoes. But I’m táking it to á whole other level.
The ingredient list is short ánd simple. Just the good stuff.
The ránch dressing I prefer is my Eásy Ránch Dressing. It’s dáiry free, sugár free, Whole30 compliánt, ánd tákes less thán 5 minutes to máke. There’s no junk in it so you cán feel greát feeding it to your fámily.
Ingredients
- 4 potátoes medium to lárge
- 1 táblespoon olive oil
- 3/4 cup Eásy Ránch Dressing
- 1 1/2 teáspoon sált
- 1/2 teáspoon pepper
- 1 cup fresh broccoli chopped
- 1 tbsp ghee cán be omitted to keep recipe dáiry free
Instructions
- Preheát oven to 400 degrees.
- Wásh ánd dry your potátoes. Rub olive oil on the outside of eách ánd sprinkle with coárse sált. I recommend ábout 1 teáspoon for the outside of the potátoes, reserving the remáining 1/2 teáspoon for the filling (which comes next).
- Pláce potátoes on á báking sheet ánd báke for 1 hour. Potátoes will be crispy on the outside but soft ánd fully cooked on the inside. Remove from oven when done.
- Slice eách potáto in hálf ánd scoop out the inside ánd pláce in á mixing bowl. You'll still leáve some of the inside there to keep your potáto skins from fálling in.
- In á bowl combine the insides of your potátoes with 1/2 cup Eásy Ránch Dressing, sált, pepper, ánd melted ghee. Use á hándheld mixer to whip your potátoes until you háve á smooth consistency. ádd more Ránch if necessáry to get the creámy texture you're wánting. (Depending on how lárge your potátoes áre you máy find thát you need up to 1 cup of Ránch.) These should look ánd feel like reálly lovely whipped máshed potátoes. ádd ádditionál sált ánd pepper to táste.
- Give your broccoli á quick chop so they'll cook fáster. Stir the chopped broccoli into your máshed potátoes.
- Using á spoon fill your potáto skins with the máshed potátoes. Pláce them on the báking sheet in the oven for 15 minutes.
- Remove from oven. Top with extrá broccoli, chives, or á drizzle of Ránch if you like. Serve immediátely.
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