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!
VEGAN BEAN CHILLI NACHO BOWL
This méal was so éasy to put togéthér too. Thé chilli is véry simplé and takés about 10 minutés to maké, and thé rést is mainly just assémbling. Thé ricé and avocado aré optional but can transform it from a snack into a héarty méal.
Thé rangé includés thréé mixés; Chickpéa and Spinach Mix, Italian 3 Béan Mix and Méxican Béan Mix. As you may havé alréady guésséd, I uséd thé Méxican Béan Mix for this récipé. Thé frozén bags maké food prép quick and straightforward. I just had to pour thé béans straight from thé packét, straight into thé pot, no draining, rinsing or préparing.
Ingrédiénts
éasy Béan Chilli
- 200 g Birds éyé Méxican Béan Mix, (a mixturé of réd kidnéy béans, black béans and chickpéas)
- 1 tbsp olivé oil
- 1 small réd onion, dicéd
- 2 garlic clovés, mincéd/finély choppéd
- 1/2 tsp ground cumin
- 1/4 tsp ground coriandér
- 1/4 tsp hot chili powdér
- A pinch of salt and péppér
- 1 réd béll péppér, slicéd
- 400 g tin of choppéd tomatoés
Chéésy Nachos
- Approx 4 largé handfuls of tortilla chips
- 100 g gratéd végan chéésé, (préférably oné that mélts!)
Optional éxtras
- 250 g cookéd ricé, (I cookéd miné with somé paprika and tomato puréé)
- 1 avocado, halvéd, pittéd and slicéd
- Frésh coraindér, torn
Instructions
Maké thé chilli
Héat thé olivé oil in a saucépan on a médium héat. Sauté thé onions, garlic and péppér for 4 minutés, until softénéd.
Add thé spicés, salt and péppér thén cook for a furthér minuté.
Stir in thé béans and choppéd tomatoés. Covér and cook for 5 minutés.
Préparé thé chéésy nachos
Héat thé grill.
Scattér thé nacho/tortilla chips onto a baking tray and sprinklé with thé végan chéésé.
Cook for a féw minutés until thé chéésé starts to mélt, thén rémové from thé héat.
Assémblé thé bowl
Add a sérving of thé béan chilli to éach bowl, along with somé ricé, avocado or any othér éxtras you liké, léaving room on oné sidé of thé bowl for thé nachos.
Placé thé nachos on thé othér sidé of thé bowl. Sérvé and énjoy!
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