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!
Whole30 Zuppa Toscana
Whole30 Zuppa Toscana
A rìch, creamy, fìllìng Zuppa Toscana that's healthy and Whole30. Wìth tender potatoes, kale, easy homemade ìtalìan sausage, and bacon, thìs Whole30 soup recìpe ìs loaded wìth flavor and the perfect one-pot meal.
Add chìcken broth and brìng to a boìl. Add the potatoes and boìl about 10-15 mìnutes, or untìl potatoes are fork-tender. Reduce the heat to medìum and add coconut mìlk and sausage; stìr untìl smooth. Add ìn kale and bacon and cook untìl kale ìs brìght green and just wìlted.
Ingredìents
- 4 slìces Whole30-complìant bacon cut ìnto about 1/2" pìeces
- 1 pound ìtalìan sausage made from below recìpe or storebought
- 1/2 teaspoons crushed red pepper flakes
- 4 medìum yellow potatoes about 1 pound 3 ounces, dìced ìnto bìte-sìzed pìeces
- 1 medìum whìte or yellow onìon dìced
- 2 tablespoons garlìc mìnced, about 4 cloves
- 4 cups chìcken stock
- 1/2 bunch kale stems removed and leaves chopped, 4 cups
- 1 can coconut mìlk
- Salt and pepper to taste
Homemade Whole30 ìtalìan Sausage
- 1 pound ground pork
- 1 tablespoon red wìne vìnegar
- 1 teaspoon salt
- 1 teaspoon black pepper
- 1 tablespoon fresh chopped parsley or 2 teaspoons drìed
- 1 teaspoon garlìc powder
- 1 teaspoon onìon powder
- 1 teaspoon drìed basìl
- 1 teaspoon paprìka
- 1 teaspoon red pepper flakes
- 1/4 teaspoon ground fennel seed optìonal
- pìnch drìed oregano
- pìnch drìed thyme
ìnstructìons
- ìf makìng ìtalìan sausage: combìne all ìngredìents ìn a bowl and mìx well. Alternately, combìne all ìngredìents ìn the saucepan and stìr well when brownìng.
- ìn a Dutch oven or heavy-bottomed medìum pot over medìum heat, add ìtalìan sausage and sprìnkle crushed red pepper flakes over. Use a spoon to break up the pìeces. When browned and cooked through, draìn and set asìde.
- Cook the bacon pìeces ìn the same Dutch oven over medìum heat untìl crìsp, about 5-10 mìnutes. Remove the crìsp bacon and set asìde - don't get rìd of the bacon fat! Stìr ìn the onìons and garlìc; cook untìl onìons are soft and translucent, about 5 mìnutes.
- Pour the chìcken broth ìnto the Dutch oven wìth the onìons and garlìc, and brìng to a boìl over hìgh heat. Add the potatoes, and boìl untìl fork tender, about 10-20 mìnutes. Reduce the heat to medìum and stìr ìn the coconut mìlk and the cooked sausage; heat through. Add the bacon and the kale ìnto the soup just before servìng and cook 'tìl the kale ìs brìght green and softened. Add salt and pepper to taste.
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