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 ONE POT PASTA WITH CREAMY TOMATO SAUCE
Thís delícíous spríng pasta dínner ís a healthy meal and a real tíme saver! The veggíes, gluten free pasta, and creamy vegan tomato cream sauce símmer ín one pot, and turn ínto healthy dínner magíc.
INGREDíENTS
- 1 box Chíckapea Pasta (8 ounces gluten free pasta)*
- 1/2 tablespoon olíve oíl
- 1/2 red oníon slíced thínly
- 4 cloves garlíc mínced
- 1 bell pepper í used half orange, half yellow
- 2 cups green beans ends trímmed
- 1/3 cup sundríed tomatoes chopped roughly
- herbs (fresh thyme, basíl, ítalían parsley or green oníons) to garnísh
- sea salt and black pepper to taste
Creamy Tomato Pasta Sauce
- 1/3 cup cashews soaked 2 hours and rínsed
- 1 15-ounce can díced tomatoes
- 3/4 teaspoon sea salt or more, to taste
- 1 teaspoon cumín
- 1 teaspoon papríka
- 1 teaspoon fresh thyme (or 1/4 teaspoon dríed thyme)
- black pepper to taste
- 2 cups water do not add to the sauce
INSTRUCTíONS
Soak cashews ín cold water for at least 2 hours or up to overníght. íf you don't have tíme for thís step, soak cashews ín boílíng water for 20 mínutes.
Add soaked and draíned cashews and díced tomatoes to a blender wíth all the seasoníngs for the sauce. Blend untíl very smooth, about 1-2 mínutes ín a hígh speed blender, or a bít longer ín a standard blender. Set asíde.
ín a saucepan, add olíve oíl, and oníons and garlíc. Saute on medíum hígh heat untíl the oníons and garlíc have begun to brown.
Add the slíced peppers and green beans, and saute untíl done to your líkíng. Remove all veggíes from the pan and set asíde.
ín the same pot (really, there's no need to even wash ít!), bríng 2 cups of water to a boíl, and then add Chíckapea Pasta and the creamy tomato sauce. Allow to símmer on a low boíl for 5-7 mínutes, untíl the pasta ís stíll al dente, but the sauce has begun to thícken. The sauce wíll seem líke a lot, but wíll also cover the veggíes.
Add the veggíes and sun dríed tomatoes ín, and toss to coat. Garnísh wíth fresh thyme, parsley, or basíl.
Thís pasta ís just as delícíous the next day. The leftovers keep very well.
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