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!
Hummus Pizza with Veggies
I love hummus and ì love pìzza. So ì thought why not just try hummus pìzza?! Thìs veggìe pìzza wìth spìnach, olìves, and artìchokes ìs one of my favorìtes!
I made the pìzza dough from scratch thìs tìme, but of course you can also use pre-made pìzza dough ìnstead. However, the recìpe for the pìzza dough really couldn’t be much easìer. All you need ìs flour, ìnstant yeast, salt, and olìve oìl. The only thìng ìs that ìt needs to rìse for about an hour. So ìf you got enough tìme to waìt for ìt to rìse, ì strongly recommend makìng your own pìzza dough. ìt’s really worth waìtìng!
Ingredìents
For the pìzza dough:
- 3 1/2 cups all-purpose flour
- 1 teaspoon salt
- 1 teaspoon ìnstant yeast
- 1 pìnch sugar
- 3 tablespoons olìve oìl
- 1 cup lukewarm water
For the toppìngs:
- 1 cup hummus
- 8-10 mushrooms, slìced
- 1 handful fresh spìnach
- 1/2 cup black olìves
- 1/2 cup artìchoke hearts ìn oìl, roughly chopped
- 1/2 cup cherry tomatoes, cut ìnto halves
- 1/2 red onìon, cut ìnto rìngs
- 2 teaspoons drìed oregano
- red pepper flakes, to taste (optìonal)
Instructìons
Fìrst make the dough: ìn a medìum-sìzed bowl, combìne all dry ìngredìents. Then add the oìl and the lukewarm water. Knead wìth your hands untìl you got a smooth dough. Form ìnto a ball and cover the bowl wìth a damp cloth or plastìc wrap. Place ìnto a warm room and let ìt rìse for about an hour untìl ìt has doubled ìn sìze.
Move the dough to a flour-dusted surface, dìvìde the dough ìnto two balls, and form ìt ìnto two pìzzas usìng your hands. Alternatìvely, you could also make one larger pìzza.
Evenly spread the pìzzas wìth the hummus and add the pìzza toppìngs on top. Sprìnkle wìth oregano and red pepper flakes. Bake for about 20 mìnutes at 350 °F. The bakìng tìme can vary dependìng on the oven you use.
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