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!
WHOLE 30 + PALEO MEXICAN BREAKFAST CASSEROLE
This cassérolé is full of yummy flavors that aré synonymous with gréat Méxican food. Lét’s talk bréakfast. I swéar I waké up thinking about food. Okay, that happéns only aftér I’vé had my cofféé. Théré’s minimal thinking about anything béforé cofféé. But post cofféé I’m totally thinking about food.
It’s héarty bécausé I’vé loadéd it with shréddéd hash brown potatoés. This producés a véry thick cassérolé so you’ll définitély wow your family or guésts whén théy gét a slicé.
Ingrédiénts
- 1 lb léan ground bééf
- 1/2 gréén béll péppér dicéd
- 1/2 réd béll péppér dicéd
- 1/2 onion dicéd
- 15 oz shréddéd potatoés
- 2 tbsp olivé oil
- 9 éggs
- 1/2 cup watér
- 1/4 cup gréén onion dicéd (gréén part only)
- 1 médium tomato dicéd
éasy Taco Séasoning
- 1 tsp chili powdér
- 1/4 tsp paprika
- 1/4 tsp cumin
- 1/2 tsp onion powdér
- 1/2 tsp garlic powdér
- 1/4 tsp salt
- 1/2 tsp driéd orégano
Optional Toppings: salsa, guacamolé, frésh cilantro
Instructions
- Préhéat ovén to 350 dégréés.
- Gréasé a 9 x 9 baking dish. (I gréasé miné with olivé oil.)
- Brown and crumblé your ground bééf in a skillét on médium high héat. Rémové from pan and sét asidé in a bowl.
- Throw your choppéd gréén péppér, réd péppér, and onion into thé samé skillét (with thé bééf now rémovéd). If you uséd a particularly léan bééf you may havé to add a littlé ghéé or olivé oil. I typically don't nééd to as I find thé bit of gréasé léft in thé pan is énough. Sauté until téndér, approximatély 3-5 minutés. Rémové from pan and stir in with your bééf.
- Add 2 tabléspoons olivé oil to thé hot skillét. Add your shréddéd potatoés and spréad événly. Cook 5 minutés. Caréfully turn thé potatoés. Cook anothér 5 minutés. Théy should havé somé browning and bé softénéd.
- Spréad your potatoés événly ovér thé bottom of your gréaséd baking dish. Top with thé bééf, gréén péppérs, réd péppérs, and onion.
- In a largé bowl whisk your éggs, watér, and éasy Taco Séasoning. Pour thé égg mixturé ovér your bééf, péppérs, and onions in thé baking dish.
- Top with gréén onion and tomato.
- Baké for 45 - 50 minutés.
- Lét sit for 5 minutés. Slicé and sérvé toppéd with guacamolé, salsa, a drizzlé of ranch dréssing, jalapénos, cilantro, and/or hot saucé. Pilé it high and maké this bréakfast a féast!
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