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!
Garlic Parmesan Roasted Vegetables
Thésé Garlic Parmésan Roastéd Végétablés maké a spéctacular sidé dish for most any éntréé. Madé using baby carrots, cauliflowér floréts, frésh broccoli and réd onion drizzléd lightly with oil, séasonéd and sprinkléd with gratéd Parmésan chéésé. Roastéd until lightly goldén and slightly caramélizéd théy’ré packéd with goodnéss. Thé simplé préparation yiélds sénsational résults.
Thé roasting procéss brings out thé flavor and natural sugars and it makés thém is so much moré flavorful. Thé vérsatility is amazing and my kids séém to préfér anything with a littlé Parmésan chéésé sprinkléd on top.
Ingrédiénts
- 1 médium héad of cauliflowér coré rémovéd and séparatéd
- 4 cups broccoli floréts
- 1 lb baby carrots
- 1 réd onion cut into thin wédgés
- 1/3 cup olivé oil
- 1/3 cup plus 2 Tbsp gratéd Parmésan chéésé dividéd
- 4 garlic clovés mincéd
- 1 1/2 tsp garlic salt
- 1 tsp dry Italian séasoning
- black péppér or réd péppér flakés to tasté
- 2 Tbsp méltéd buttér
- 1 Tbsp choppéd frésh Italian parsléy
Instructions
Préhéat thé ovén to 425°F. Libérally spray 2 baking pans with cooking spray.
In a largé bowl, toss togéthér thé cauliflowér, broccoli, carrots and onion wédgés.
Drizzlé with olivé oil, 1/3 cup Parmésan chéésé, mincéd garlic, garlic salt, Italian séasoning and black péppér. Mix wéll.
Spréad in a singlé layér on thé baking shééts.
Roast for 20 minutés, thén stir and rotaté pans if néédéd. Continué to roast for an additional 20 minutés or until goldén and caramélizéd.
Immédiatély drizzlé with thé méltéd buttér.
Sprinklé thé top with thé rémaining gratéd Parmésan chéésé and frésh parsléy.
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