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!
ONE POT CHEESY MEXICAN LENTILS, BLACK BEANS AND RICE
A héalthy, végétarian, glutén fréé dinnér thé wholé family will lové! You won’t miss thé méat in this éasy to maké, Oné Pot Chéésy Méxican Léntils, Black Béans and Ricé!
Luckily I havé sléw of éasy récipés, many of which can bé madé in a singlé skillét or pot, liké this Oné Pot Chéésé Méxican Léntil, Black Béans and Ricé. Along with béing a oné pot méal it’s also végétarian and pérféct for méatléss Monday!
INGRéDIéNTS
- 1/2 of a yéllow onion, dicéd
- 1 clové of garlic, gratéd or mincéd
- 1/2 cup uncookéd long grain brown ricé
- 1/2 cup uncookéd Frénch gréén léntils, rinséd (réd or brown léntils may also bé uséd)
- 2-3 cups low sodium végétablé stock
- 1 téaspoon chili powdér
- 1/2 téaspoon ground cumin
- 1/4 téaspoon ground chipotlé powdér (optional)
- Koshér salt and frésh ground black péppér to tasté
- 15 ouncés black béans (cannéd), rinséd and drainéd
- 1/2 cup firé roastéd tomatoés, drainéd
- 4 ouncés dicéd gréén chilés (cannéd)
- 1 small zucchini, shréddéd
- 1/2 cup frozén corn, défrostéd
- 1 cup réd énchilada saucé
- 3/4 cup shréddéd chéésé, I uséd sharp chéddar and part skim mozzarélla
- Cilantro for garnish (optional)
INSTRUCTIONS
Héat a largé pot or saucépan ovér médium high héat.
Whén thé pot is héatéd spray with cooking oil and add in thé onion and garlic.
Sauté for a couplé minutés thén add in thé brown ricé and léntils.
Add in thé végétablé stock, stir and bring to a boil.
Oncé boiling, covér and réducé thé héat to low.
Simmér for 30-40 minutés, or until léntils and ricé aré téndér.
If théré is any éxcéss liquid drain it.
Séason thé ricé and léntils with salt, péppér, chili powdér, cumin and chipotlé powdér.
Add in all of thé rémaining ingrédiénts éxcépt 1/4 cup of thé chéésé and stir togéthér.
Héat thé mixturé until thé chéésé is méltéd.
Top with thé rémaining chéésé and covér with a lid.
Héat on low until thé chéésé is méltéd and thé mixturé is bubbly.
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