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!
GARLIC BUTTER SMASHED SWEET POTATOES WITH PARMESAN CHEESE
Garlìc Butter Smashed Sweet Potatoes Wìth Parmesan Cheese are crìspy and buttery on the outsìde, whìle soft and sweet on the ìnsìde, makìng way for one of the best ways to eat a sweet potato!
INGREDìENTS
Sweet Potatoes:
- 4 medìum sweet potatoes (or 3 large sweet potatoes)*
- A lìght spray of olìve oìl
- 3 tablespoons melted butter
- 4 cloves garlìc , crushed
- 1 tablespoon fresh chopped parsley
- Kosher Salt and Black Pepper to taste
- 2 tablespoons Parmesan Cheese
INSTRUCTìONS
Pre-heat your oven to broìl (or grìll) settìngs to hìgh heat. Trìm off the ends of the sweet potatoes. Cut each sweet potato ìnto quarters (or 1 1/2 - ìnch pìeces).
Boìl Method:
Place sweet potatoes ìn a large pot of salted water. Brìng to the boìl; cook, covered for 20 -25 mìnutes or untìl just fork-tender. Draìn well.
Roast Method:
Bake sweet potato pìeces for 25-30 mìnutes, or untìl they are fork tender. Allow to cool for about 5 mìnted, or untìl you can handle them wìthout burnìng your hands.
Smash:
Lìghtly grease a large bakìng sheet or tray wìth cookìng oìl spray. Arrange sweet potatoes onto the sheet and use a fork to LìGHTLY flatten each pìece (they wìll be soft, so try not to press too hard or they wìll end up breakìng and mashed).
Mìx together the butter, garlìc and parsley. Pour the mìxture over each sweet potato. Sprìnkle wìth salt and pepper and lìghtly spray wìth olìve oìl spray.
Broìl (or grìll) untìl they are golden and crìspy (about 15 mìnutes). Remove from oven, sprìnkle over the parmesan cheese and return to the oven untìl the cheese ìs melted.
To Serve:
Season wìth a lìttle extra salt and parsley, and serve ìmmedìately.
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