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!
VEGAN WEST AFRICAN PEANUT STEW
VEGAN WEST AFRICAN PEANUT STEW
With a rich peanut and tomato sauce, sweet potatoes, collard greens, and crunchy peanuts, this Vegan West African Peanut Stew is comfort in a bowl!
I love the texture and flavor of the collard greens in this Vegan West African Peanut Stew, but i’ve seen versions using all sorts of different greens, so feel free to substitute with kale, spinach, mustard greens, or whatever hearty greens you prefer.
INGREDiENTS
- 1 Tbsp olive oil ($0.16)
- 4 cloves garlic ($0.32)
- 1 Tbsp grated fresh ginger ($0.30)
- 1 sweet potato (about 1 lb.) ($1.47)
- 1 medium onion ($0.21)
- 1 tsp cumin ($0.10)
- 1/4 tsp crushed red pepper ($0.02)
- 1 6oz. can tomato paste ($0.45)
- 1/2 cup natural style peanut butter ($0.55)
- 6 cups vegetable broth ($0.78)
- 1/2 bunch collard greens (4-6 cups chopped) ($0.99)
OPTiONAL GARNiSHES
- 1/4 bunch cilantro ($0.25)
- 4.5 cups cooked brown rice ($0.53)
- 1/3 cup chopped peanuts ($0.16)
INSTRUCTiONS
Peel and grate the ginger using a small holed cheese grater. Mince the garlic, and dice the onion. Sauté the onion, ginger, and garlic in a large pot with the olive oil over medium heat for 2-3 minutes, or until the onion becomes soft and translucent.
While the onion, ginger, and garlic are sautéing, peel and dice the sweet potato into 1/2-inch cubes. Add the sweet potato cubes, cumin, and red pepper to the pot and continue to sauté for about 5 minutes.
Add the tomato paste, peanut butter, and vegetable broth to the pot. Stir until the peanut butter and tomato paste have mostly dissolved into the broth. Place a lid on the pot and turn the heat up to high. Allow the stew to come up to a boil. Once it reaches a boil, turn the heat down to medium-low and allow it to simmer for 15-20 minutes, or until the sweet potatoes are very soft.
While the soup is simmering, prepare the collard greens. Use a sharp knife to remove each stem (cut along the side of each stem), then stack the leaves and cut them into 1/2-inch wide strips. Place the chopped collard greens in a colander and rinse very well
Once the stew has simmered for 15-20 minutes and the sweet potatoes are very soft, stir in the collard greens. Let the stew simmer for about 5 minutes more, then begin to smash the sweet potatoes against the side of the pot to help thicken the stew.
Finally, taste the stew and add salt or red pepper, if desired. Serve the stew with a scoop of cooked rice (about 3/4 cup), a few chopped peanuts, fresh cilantro, and a drizzle of sriracha, if desired.
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