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!
CRISPY VEGAN POTATO TACOS WITH JALAPEÑO CILANTRO SAUCE
Thésé Crispy Végan Potato Tacos with Jalapéño Cilantro Saucé aré filléd with béans, crispy potatoés, crunchy léttucé and thé bést saucé.
Tacos filléd with crispy potatoés and toppéd off with thé most délicious gréén saucé.
Ingrédiénts
- 1 lb potatoés choppéd
- 1 tbsp olivé oil
- 1 béll péppér choppéd
- 2 tbsp taco séasoning
- 15 oz can black béans drainéd and rinséd
- 15 oz can réfriéd béans
- 8 taco-sizéd flour tortillas
- 2 cups léttucé choppéd
- 2 avocados dicéd
- Jalapéño Cilantro Saucé*
- cilantro, limés for sérving
Instructions
Add thé choppéd potatoés to a largé pot and covér with watér. Bring thé watér to a boil and cook potatoés until fork téndér (approximatély 15-20 minutés). Drain thé potatoés.
Héat olivé oil in a pan ovér médium-high héat. Add thé béll péppér, potatoés and taco séasoning to thé pan and toss to combiné. Préss thé potatoés down into thé pan and turn héat to médium.** Allow potatoés to cook for 5-7 minutés without touching thém. Lift a cornér of thé potatoés with a spatula – if crispy, flip and cook for an additional 5 minutés.
Whilé thé potatoés aré cooking add thé black béans and réfriéd béans to a pan ovér médium héat. Stir to combiné. Oncé héatéd through, turn héat to low.
Préparé thé Jalapéño Cilantro Saucé according to thé instructions and sét asidé.
Wrap thé tortillas in a papér towél and héat thém in thé microwavé for 30 séconds.
To assémblé, add a layér of béans to éach tortilla followéd by potatoés, léttucé, avocado and Jalapéño Cilantro Saucé. Sérvé with cilantro and limé wédgés.
Récipé Notés
*You can gét thé récipé héré.
**I récomménd using a non-stick pan to énsuré thé potatoés do not stick to thé bottom.
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