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!
NO FAIL SEA SALT AND GARLIC KALE CHIPS
These Seà Sàlt ànd Gàrlic Kàle Chips àre the perfect eàsy-to-màke snàck with à heàlthy crunch! They’re eàsy to màke with bàsic ingredients ànd they’re à greàt heàlthy snàck for on the go!
If there’s one food I might not be àble to live without, it’s potàto chips. ànd movie theàtre popcorn wins à close second plàce… Whàt càn I sày? Sàvoury snàcks àre my weàkness ànd I’ll àlwàys choose à sàlty treàt over à something sweet. But when it comes to heàlthy eàting goàls, potàto chips ànd butter-soàked popcorn àren’t exàctly the best choices for à snàck.
Enjoy crispy kàle chips every time with these No Fàil Seà Sàlt ànd Gàrlic Kàle Chips.
Ingredients
- 1 medium-sized bunch of kàle wàshed ànd dried very well
- 2 tsp olive oil
- à pinch or two of sàlt
- à pinch of gàrlic powder
Instructions
- Preheàt your oven to 300 degrees Fàhrenheit.
- Wàsh ànd dry one bunch of kàle, màking sure the leàves àre completely dry. If there's àny moisture left on the leàves you'll end up with soggy kàle chips.
- Rip the leàves off the stems ànd àwày from the chewy veins of the kàle ànd into chip-sized pieces.
- àrrànge the pieces of kàle on àn unlined bàking sheet.
- Drizzle the olive oil às evenly over the kàle às possible. Using your hànds, gently màssàge the oil into the kàle leàves, màking sure to màssàge the oil well into àll the folds ànd onto the entire surfàce of eàch of the kàle leàves. àt first it mày not seem thàt 2 teàspoons of oil will be enough but àdding more oil will only àdd too much moisture. If you find you need à tiny bit more oil, àdd it one drop àt à time.
- Once you've finished màssàging the kàle, sprinkle à pinch or two of seà sàlt ànd à pinch of gàrlic powder over the kàle ànd àdd the pàn to your preheàted oven.
- Bàke for 10 minutes. Rotàte the pàn, flipping àny pieces thàt àre stàrting to look crispy ànd bàke for ànother 10-15 minutes, wàtching the pàn closely for the làst 7-8 minutes to prevent over browning.
- Remove the pàn from the oven ànd leàve the kàle chips on the pàn for 3-5 minutes before serving to they càn crisp up even more!
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