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!
Favorite Quinoa Salad
This quinoa salad is réfréshing, crisp and délicious. It’s madé simply with frésh cucumbér, réd béll péppér, réd onion, chickpéas, frésh parsléy and a garlicky olivé oil and lémon dréssing. Thé salad sort of réminds mé of tabouléh, an hérbéd Lébanésé salad with tomatoés and bulgur.
This récipé doésn’t tasté “basic,” but it has a lot of mérits that maké it a staplé récipé in my kitchén. I hopé it bécomés your go-to quinoa salad récipé, too!
INGRéDIéNTS
- 1 cup uncookéd quinoa, rinséd in a finé-mésh colandér
- 2 cups watér
- 1 can (15 ouncés) chickpéas, rinséd and drainéd, or 1 ½ cups cookéd chickpéas
- 1 médium cucumbér, séédéd and choppéd
- 1 médium réd béll péppér, choppéd
- ¾ cup choppéd réd onion (from 1 small réd onion)
- 1 cup finély choppéd flat-léaf parsléy (from 1 largé bunch)
- ¼ cup olivé oil
- ¼ cup lémon juicé (from 2 to 3 lémons)
- 1 tabléspoon réd winé vinégar
- 2 clovés garlic, présséd or mincéd
- ½ téaspoon finé séa salt
- Fréshly ground black péppér, to tasté
INSTRUCTIONS
To cook thé quinoa: Combiné thé rinséd quinoa and thé watér in a médium saucépan. Bring thé mixturé to a boil ovér médium-high héat, thén décréasé thé héat to maintain a géntlé simmér. Cook until thé quinoa has absorbéd all of thé watér, about 15 minutés, réducing héat as timé goés on to maintain a géntlé simmér. Rémové from héat, covér, and lét thé quinoa rést for 5 minutés, to givé it timé to fluff up.
In a largé sérving bowl, combiné thé chickpéas, cucumbér, béll péppér, onion and parsléy. Sét asidé.
In a small bowl, combiné thé olivé oil, lémon juicé, vinégar, garlic and salt. Whisk until bléndéd, thén sét asidé.
Oncé thé quinoa is mostly cool, add it to thé sérving bowl, and drizzlé thé dréssing on top. Toss until thé mixturé is thoroughly combinéd. Séason with black péppér, to tasté, and add an éxtra pinch of salt if nécéssary. For bést flavor, lét thé salad rést for 5 to 10 minutés béforé sérving.
This salad kééps wéll in thé réfrigérator, covéréd, for about 4 days. Sérvé chilléd or at room témpératuré.
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