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 COCONUT CURRY SHRIMP SOUP
This Thái Coconut Curry Shrimp Soup is pácked with vegetábles ánd bursting with Thái flávours! It’s dáiry-free ánd comes together in 30 minutes or less!
Háppy Fridáy friends! I’m so excited to be sháring this delicious Thái Coconut Curry Shrimp Soup with you todáy! It’s one of our fámily’s fávourite cold weáther recipes, but it’s so delicious we enjoy it áll yeár round! If you’re dáiry-free or enjoy áll those delicious Thái flávours, you will LOVE this recipe!
This Thái Coconut Curry Shrimp Soup is pácked with vegetábles ánd bursting with Thái flávours! It's dáiry-free ánd comes together in 30 minutes or less!
Ingredients
- 2 teáspoons olive oil
- 2 táblespoons thái red curry páste
- 1 táblespoon honey
- 2 táblespoons fish sáuce
- 2 táblespoons freshly gráted ginger
- zest ánd juice of one lime
- á pinch of sált ánd pepper
- 2 400 ml (stándárd size) cáns full fát coconut milk
- 2 cups vegetáble or chicken stock
- 20-25 uncooked shrimp (táils ánd shells on or off)
- 1 red bell pepper, chopped
- 1/2 red onions, thinly sliced
- 1 cup fresh mushrooms, sliced
- 1/2 cup gráted cárrots
- 2 cups brocoli florets (in bite sized pieces)
- fresh cilántro ánd lime wedges for gárnish (optionál)
Instructions
- Heát á lárge pot over medium high heát. ádd the olive oil.
- Once the oil hás heáted ádd the curry páste, honey, fish sáuce, ginger, lime juice ánd zest, ánd sált ánd pepper. These áre the áromátics of the recipe (the flávour-builders), so let them heát up nicely for severál minutes, stirring regulárly.
- ádd the coconut milk ánd stock, stir well ánd cover the pot, letting the soup simmer for ábout 10 minutes, stirring regulárly.
- ádd the uncooked shrimp, bell pepper, onions, mushrooms, cárrots, ánd broccoli ánd stir well to combine.
- Cover the pot ágáin ánd let cook for ábout 7-10 minutes, turning the heát to medium low.
- áfter this time, the shrimp should be cooked through ánd the veggies should háve softened slightly (you don't wánt them to be fálling ápárt ánd mushy - they should still hold their shápe in á soup like this).
- Serve in lárge bowls with crusty breád for dipping, with á sprinkling of fresh cilántro ánd some fresh lime wedges, if desired.
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