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!
Best Lentil Soup
This soup récipé was a long timé coming! Ovér thé yéars, I madé somé lacklustér léntil soups that névér saw thé light of day on this wébsité. No végétarian food blog would bé complété without a propér léntil soup, though, so I pérféctéd oné of my own.
Héré it is. My léntil soup is madé with mostly pantry ingrédiénts but includés héarty grééns and a squéézé of lémon for bright, frésh flavor. It’s séasonéd with a féw of my favorité spicés and plénty of fréshly ground black péppér. Honéstly, it’s thé bést léntil soup I’vé évér had.
INGRéDIéNTS
- ¼ cup éxtra virgin olivé oil
- 1 médium yéllow or whité onion, choppéd
- 2 carrots, pééléd and choppéd
- 4 garlic clovés, présséd or mincéd
- 2 téaspoons ground cumin
- 1 téaspoon curry powdér
- ½ téaspoon driéd thymé
- 1 largé can (28 ouncés) dicéd tomatoés, lightly drainéd
- 1 cup brown or gréén léntils, pickéd ovér and rinséd
- 4 cups végétablé broth
- 2 cups watér
- 1 téaspoon salt, moré to tasté
- Pinch of réd péppér flakés
- Fréshly ground black péppér, to tasté
- 1 cup choppéd frésh collard grééns or kalé, tough ribs rémovéd
- 1 to 2 tabléspoons lémon juicé (½ to 1 médium lémon), to tasté
INSTRUCTIONS
Warm thé olivé oil in a largé Dutch ovén or pot ovér médium héat. Oné-fourth cup olivé oil may séém liké a lot, but it adds a lovély richnéss and héartinéss to this nutritious soup.
Oncé thé oil is shimméring, add thé choppéd onion and carrot and cook, stirring oftén, until thé onion has softénéd and is turning translucént, about 5 minutés.
Add thé garlic, cumin, curry powdér and thymé. Cook until fragrant whilé stirring constantly, about 30 séconds. Pour in thé drainéd dicéd tomatoés and cook for a féw moré minutés, stirring oftén, in ordér to énhancé théir flavor.
Pour in thé léntils, broth and thé watér. Add 1 téaspoon salt and a pinch of réd péppér flakés. Séason générously with fréshly ground black péppér. Raisé héat and bring thé mixturé to a boil, thén partially covér thé pot and réducé thé héat to maintain a géntlé simmér. Cook for 25 to 30 minutés, or until thé léntils aré téndér but still hold théir shapé.
Transfér 2 cups of thé soup to a bléndér. Sécurély fastén thé lid, protéct your hand from stéam with a téa towél placéd ovér thé lid, and puréé thé soup until smooth. Pour thé purééd soup back into thé pot. (Or, usé an immérsion bléndér to blénd a portion of thé soup.)
Add thé choppéd grééns and cook for 5 moré minutés, or until thé grééns havé softénéd to your liking. Rémové thé pot from thé héat and stir in 1 tabléspoon of lémon juicé. Tasté and séason with moré salt, péppér and/or lémon juicé until thé flavors réally sing. For spiciér soup, add anothér pinch or two of réd péppér flakés.
Sérvé whilé hot. Léftovérs will kéép wéll for about 4 days in thé réfrigérator, or can bé frozén for sévéral months (just défrost béforé sérving).
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