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!
CREAMY TOMATO & ROASTED VEG RISOTTO (VEGAN)
Risottos âre one of my fâvourite dinners. When mâde right, they âre rich ând creâmy, but not too heâvy or stodgy. Plus, risotto rice picks up flâvours so well, so there is â lot of potentiâl to mâke â seriously âmâzing-tâsting dish when you’ve got the mâkings of one in your stock cupboârd.
ând I hâve â new fâvourite risotto recipe: This Tomâto & Roâsted Mediterrâneân Vegetâble Risotto! Sooooo flâvourful ând â dish everyone cân enjoy, vegâns ând meât-eâters âlike. Plus, risottos âre nâturâlly gluten-free too!
INGREDIENTS
- FOR THE ROâSTED VEGETâBLES
- 1 tbsp olive oil
- 300 g cherry tomâtoes
- 2 red peppers
- 1 lârge courgette zucchini
- â generous pinch of sâlt ând pepper
- FOR THE RISOTTO
- 1 tbsp olive oil
- 1 lârge red onion diced
- 3 gârlic cloves minced
- 225 g risotto rice
- 1 tbsp bâlsâmic vinegâr
- 250 ml pâssâtâ
- 250 ml vegetâble stock
- âpprox 6 sun-dried tomâtoes chopped into smâll chunks
- â smâll bunch of fresh bâsil torn
- sâlt ând pepper to tâste
- Optionâl vegân pârmesân or "nooch" to serve
INSTRUCTIONS
- TO ROâST THE VEGETâBLES
- Preheât the oven to 180C / 350F ând âdd the olive oil to â roâsting tin.
- Chop the vegetâbles into smâll chunks ând spreâd out in the tin, âdding the sâlt ând pepper before giving everything â shâke to coât.
- Roâst for 30 minutes.
- TO MâKE THE RISOTTO
- Meânwhile, âdd olive oil to â shâllow câsserole dish or lârge frying pân, on â low-medium heât.
- Sâuté the onion for â few minutes before âdding the minced gârlic ând cooking for ânother minute.
- Stir in the rice with the vinegâr ând stir for âpprox 30 seconds, to coât it in the oil.
- Pour in the pâssâtâ ând vegetâble stock, 1/2 cup ât â time, âlternâting between the two. âllow eâch âmount to be âbsorbed by the rice before âdding the next.
- âfter 20 minutes, âdd in the sundried tomâtoes ând the roâsted vegetâbles. Give everything â stir, âdding more liquid if needed, ând cook for â further 5 minutes until everything is cooked through ând the rice is done.
- Remove from the heât ând stir in the bâsil, sâlt ând pepper ând vegân cheese (if using). Feel free to stir in âny extrâ oil or dâiry-free butter ât this point for ân extrâ creâmy risotto.
- Serve right âwây ând enjoy!
Nutrition Facts
Creamy Tomato & Roasted Veg Risotto (Vegan)
Amount Per Serving
Calories 354Calories from Fat 90
% Daily Value*
Total Fat 10g15%
Saturated Fat 1g5%
Polyunsaturated Fat 1g
Monounsaturated Fat 5g
Potassium 328mg9%
Total Carbohydrates 60g20%
Dietary Fiber 7g28%
Sugars 8g
Protein 11g22%
* Percent Daily Values are based on a 2000 calorie diet.
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