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!
20 MINUTE SPICY THAI NOODLES
if you’re looking to spice up your weeknight dinner routine, you have to try these spicy Thai noodles! This recipe uses regular, everyday ingredients and transforms them into a spicy dish you’re sure to love!
Most of the things I make are for the family, for dinner… but occasionally I make something just for my husband, for his lunches at work. These Spicy Thai Noodles are a great example 🙂 They are waaaaay too spicy for the family, but perfect for him. These noodles are very simple to make but pack a huge flavor punch!
Anything spicy is right up my husband’s alley, but he actually found these on Pinterest and I adapted the recipe to his tastes. And of course, I want to share it with all of you 😀
Deliciously spicy with hints of sweetness, these noodles are an amazing addition to your dinner table.
INGREDIENTS
- 1 lb linguine pasta (or fettuccine spaghetti, etc)
- 1/2 - 1 1/2 Tbsp red pepper flakes (amount depends on how spicy you want it)
- 2 Tbsp vegetable oil
- 1/3 - 1/2 cup sesame oil
- 1 1/2 tsp chili paste
- 6 Tbsp soy sauce
- 6 Tbsp honey
- Scallions carrots, peanuts, cilantro, Sriracha, and sesame seeds to garnish
INSTRUCTIONS
- Chop garnishes and set aside.
- Boil pasta, drain.
- While pasta is boiling, heat oils in a large skillet with red pepper flakes.
- Once oil is hot, strain pepper flakes, reserving the oil in a bowl. Add reserved oil back into the skillet and add the chili paste. Whisk in soy sauce and honey.
- Toss pasta in the skillet with the sauce.
- Can be served hot, room temperature or cold. Top with garnishes and enjoy!
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