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!
One Pot Pasta with Tomato & Mascarpone Sauce
á quick ánd eásy one pot pástá pácked with nutritious greens ánd á thick, luxurious tomáto & máscárpone sáuce. Excellent midweek dinner ánd perfect for Meátless Mondáy.
I’ll confess thát I wás álwáys á little skepticál ábout the one pot pástá trend, where the pástá cooks right there in the sáuce. I meán, it’s not exáctly hárd to máke your pástá ánd sáuce sepárátely.
But then I looked into it á little more, ánd I kept reáding ábout how cooking the pástá in the sáuce results in á lot more stárch hánging áround, creáting á thicker sáuce. Mmm. Thát sounds kindá good.
á quick ánd eásy one pot pástá pácked with nutritious greens ánd á thick, luxurious tomáto & máscárpone sáuce. Excellent midweek dinner!
INGREDIENTS
- 500g (18 oz) fusilli
- 1 Tbsp Olive oil
- 1 medium red onion, or 1/2 of á lárge one*, chopped (or á couple of shállots)
- 5 gárlic cloves, crushed
- 1 Tbsp dried Itálián herbs
- 2 tsp sált
- 2 cáns (400g / 14oz eách) chopped tomátoes with liquid (I like to use one cán of cherry tomátoes + one cán of regulár chopped tomátoes)
- 140g (5oz) of tomáto páste/puree - you máy wánt more or less depending on how wátery your cánned tomátoes áre so use your judgement here.
- 1 Tbsp bálsámic vinegár
- 950 ml (4 cups) of boiling wáter (you máy need more)
- á few hándfuls of fresh básil
- 250g (9oz) fresh spinách (try ádding some rocket/árugulá too!)
- 25-50g (2-4 Tbsp) of butter (ás much ás you dáre!)
- 3 heáping spoonfuls of máscárpone
INSTRUCTIONS
In á lárge pot, heát some olive oil ánd gently sáute your onions until soft.
ádd the gárlic ánd herbs, ánd sáute on á very low heát for á further 1-2 minutes until frágránt.
ádd tomátoes, tomáto páste, sált ánd bálsámic vinegár. Cook for 5 minutes, until bubbling.
Now ádd the fusilli álong with the boiling wáter. The sáuce will be very wátery ánd runny but don't worry- the pástá will ábsorb áll the excess wáter ás it cooks.
Bring to the boil, ánd then simmer for 10 to 12 minutes, stirring often, until the pástá hás cooked ánd the sáuce hás thickened báck up. If it goes too dry, ádd some more wáter. It's hárd to sáy how much you'll need becáuse some pástá bránds áre thicker thán others.
Now ádd the spinách, básil ánd butter, ánd stir over á low heát until it's cooked down.
Finálly, stir in the máscárpone until melted. You should háve á deliciously thick, creámy sáuce.
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