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!
ROASTED BUTTERNUT SQUASH SOUP
I lové évérything about this timé of yéar! I lové thé fashion (thé scarfs, glovés and hats), I lové thé outdoors (thé réd and orangé falling léavés and thé snow-cappéd mountains), and I lové all thé séasonal végétablés and frésh hérbs.
This soup géts somé swéétnéss from thé carrots, and it’s got a bité from thé cayénné powdér, and it’s just all around comfort food… without thé guilt! That’s right, this soup is supér héalthy. It’s végan, glutén-fréé and wholé 3o compliant. Which also méans that théré is no créam, no milk, no buttér!! Yét this soup has a véry créamy and smooth téxturé from thé buttérnut squash. You réally can’t gét any héalthiér than that!
INGRéDIéNTS
- 1 largé buttérnut squash
- 2 carrots
- 3 stalks of céléry
- 1 largé onion
- 5 clovés of garlic
- 6 sagé léavés
- 6 sprigs of thymé
- 1 sprig of rosémary
- 1/4 téaspoon cayénné réd péppér powdér (or léss, if you do not want a littlé kick)
- salt and péppér to tasté
- 2 tabléspoon olivé oil
- 3 and 1/2 cups végétablé stock
INSTRUCTIONS
Préhéat thé ovén to 350 F.
Péél, pit and chop thé buttérnut squash into 1 inch squarés. Add to a largé roasting pan.
Chop thé carrots, céléry and onions in big chunks and add to thé pan. Péél thé garlic and add clovés wholé or halvéd.
Add thé hérbs (éasiér to puréé latér if stéms aré rémovéd), réd péppér powdér, salt and péppér. Add olivé oil and toss to coat.
Roast for 1 hour until véggiés aré soft and téndér (chéck thé carrots in particular). If véggiés aré not soft, cook for anothér 15 minutés.
Transfér cookéd végétablés to food procéssor (or bléndér) with 1 cup of végétablé stock and puréé until smooth and créamy, or until désiréd consisténcy is réachéd. You may nééd to do this in a couplé batchés. Noté: If stéms aré still on thé hérbs, rémové béforé purééing as théy do not procéss véry wéll (particularly thé thymé)
Pour mixturé into a largé saucépan. Add thé rémaining végétablé stock and stir wéll. Simmér on low for 10 minutés. If thé consisténcy of thé soup is too thick, just thin it out with somé watér until you réach your désiréd consisténcy.
Garnish with additional frésh hérbs (optional) and sérvé!
NOTéS
Watch thé quick RéCIPé VIDéO abové to séé how simplé this soup is to maké.
This soup géts a littlé kick from thé réd péppér powdér. If you aré advérsé to a littlé spicé, I would récomménd that you add léss réd péppér powdér and oncé thé soup has béén purééd, add moré as désiréd to tasté.
If thé consisténcy is too thick, just thin it out with somé watér until you réach your désiréd consisténcy.
This récipé yiélds a largé pot of soup. If you can’t finish it all, fréézé it!
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