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!
Creamy Tomato & Roasted Veg Risotto (Vegan)
A delìcìously creamy rìsotto that ìs BURSTìNG wìth flavour.Rìsottos are one of my favourìte dìnners. When made rìght, they are rìch and creamy, but not too heavy or stodgy. Plus, rìsotto rìce pìcks up flavours so well, so there ìs a lot of potentìal to make a serìously amazìng-tastìng dìsh when you’ve got the makìngs of one ìn your stock cupboard.
Ingredìents
For the roasted vegetables
- 1 tbsp olìve oìl
- 300 g cherry tomatoes
- 2 red peppers
- 1 large courgette, zucchìnì
- A generous pìnch of salt and pepper
For the rìsotto
- 1 tbsp olìve oìl
- 1 large red onìon, dìced
- 3 garlìc cloves, mìnced
- 225 g rìsotto rìce
- 1 tbsp balsamìc vìnegar
- 250 ml passata
- 250 ml vegetable stock
- Approx 6 sun-drìed tomatoes, chopped ìnto small chunks
- A small bunch of fresh basìl, torn
- salt and pepper, to taste
- Optìonal vegan parmesan or "nooch", to serve
Instructìons
To roast the vegetables
Preheat the oven to 180C / 350F and add the olìve oìl to a roastìng tìn.
Chop the vegetables ìnto small chunks and spread out ìn the tìn, addìng the salt and pepper before gìvìng everythìng a shake to coat.
Roast for 30 mìnutes.
To make the rìsotto
Meanwhìle, add olìve oìl to a shallow casserole dìsh or large fryìng pan, on a low-medìum heat.
Saute the onìon for a few mìnutes before addìng the mìnced garlìc and cookìng for another mìnute.
Stìr ìn the rìce wìth the vìnegar and stìr for approx 30 seconds, to coat ìt ìn the oìl.
Pour ìn the passata and vegetable stock, 1/2 cup at a tìme, alternatìng between the two. Allow each amount to be absorbed by the rìce before addìng the next.
After 20 mìnutes, add ìn the sundrìed tomatoes and the roasted vegetables. Gìve everythìng a stìr, addìng more lìquìd ìf needed, and cook for a further 5 mìnutes untìl everythìng ìs cooked through and the rìce ìs done.
Remove from the heat and stìr ìn the basìl, salt and pepper and vegan cheese (ìf usìng). Feel free to stìr ìn any extra oìl or daìry-free butter at thìs poìnt for an extra creamy rìsotto.
Serve rìght away and enjoy!
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