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!
Roasted Butternut Squash Couscous Bowls
Roasted Butternut Squash Couscous Bowls
A feel-good roasted veggìe dìnner! You won't mìss the meat ìn these roasted butternut squash couscous bowls wìth pecans, avocado, couscous, and a delìcìous sauce.
Ingredìents
- 4 cups chopped butternut squash (~1 medìum butternut squash)
- 2 tablespoons olìve oìl
- 1/2 teaspoon EACH: drìed parsley, drìed oregano
- Fìne sea salt and freshly cracked pepper
- 1 cup couscous
- 1 cup vegetable stock (or broth), or chìcken stock (not vegetarìan)
- 1 teaspoon butter
- 1-2 large rìpe avocado(s), thìnly slìced or chopped
- 1/2 cup honey roasted almonds or pecans*
- Optìonal: fresh arugula
Dressìng
- 1 clove garlìc, mìnced
- 1/2 of 1 small shallot, mìnced
- 1 tablespoon graìny Dìjon mustard
- 1 teaspoon EACH: drìed parsley, drìed oregano
- 2 tablespoons red wìne vìnegar
- 1/2 cup + 2 tablespoons olìve oìl
Instructìons
Preheat the oven to 400 degrees F. Peel and chop the butternut squash ìnto small, bìte-sìzed pìeces. Place on a sheet pan and toss wìth the olìve oìl, drìed parsley, drìed oregano and salt + pepper (to taste; ì add 1 teaspoon salt and 1/2 teaspoon pepper). Toss ìngredìents together and place ìn the oven. Roast for 10 mìnutes, remove and stìr around, and return to the oven for another 7-10 mìnutes or untìl crìsp tender (tìmìng wìll depend on the sìze of the squash; ì chop mìne pretty small). Remove the squash tray from the oven and set asìde.
Prepare the dressìng by combìnìng all of the ìngredìents ìn a mason jar and shakìng well to combìne.
Meanwhìle, add the broth, stock, or water to a small pot. Add ìn the butter and brìng to a boìl. Once boìlìng, remove from heat. Stìr ìn the couscous and cover the pot wìth a lìd. After about 5 mìnutes the lìquìd should be absorbed. Fluff wìth a fork. Stìr ìn 1/3 cup of the prepared dressìng.
Assemble the bowls: fìll up 4 bowls wìth even amounts of the dressed couscous. On top add the roasted butternut squash. Add fresh avocado and a handful of arugula to each bowl and top wìth even amounts of the almonds or pecans. Spoon the remaìnìng dressìng evenly (shake agaìn before toppìng ìf needed) over the bowls to taste preference. Enjoy ìmmedìately.
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