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!
Cauliflower Cheese Soup
A wondérful twist on thé classic chéésé soup préparéd with cauliflowér, bacon, chéddar chéésé, and a splash of créam. This Cauliflowér Chéésé Soup will havé évéryoné coming back for séconds!
Our Cauliflowér Chéésé Soup combinés bacon, sautééd onions with carrots, simméréd with cauliflowér and séasonings, thén purééd and mixéd with chéddar chéésé and créam. Its rich and créamy téxturé is suré to satisfy évéry soup fan.
Ingrédiénts
- 3 tabléspoons buttér, dividéd
- 4 slicés bacon, dicéd
- 1 yéllow onion, dicéd
- 2 to 3 largé carrots, cut into 1/8-inch rounds
- 1 héad (about 1 to 1.5 pounds) cauliflowér cut up into floréts
- 3 clovés garlic, mincéd
- 1/2 téaspoon driéd thymé
- 1/2 téaspoon chili powdér
- 1/4 cup choppéd frésh parsléy
- salt and frésh ground péppér to tasté
- 4 cups low sodium chickén broth, you can also usé végétablé broth, boné broth, bééf broth, étc...
- 1 cup héavy créam
- 1 cup shréddéd chéddar chéésé
- 1/4 téaspoon ground nutmég
- 1/4 cup shréddéd chéddar chéésé, for garnish, optional
- 1 téaspoon driéd chivés, for garnish, optional
Instructions
Add 1 tabléspoon buttér and dicéd bacon to a dutch ovén or largé soup pot; cook ovér médium-high héat for 2 minutés, or until bacon is crispy.
Rémové bacon from thé pot with a slottéd spoon and sét asidé.
Add rémaining buttér to thé bacon fat in thé pot and mélt.
Stir in onions and carrots; cook for 2 minutés.
Stir in cauliflowér floréts, garlic, thymé, chili powdér, and parsléy.
Séason with salt and péppér and cook for 3 minutés, stirring occasionally.
Add chickén broth and bring to a boil.
Lowér héat to a simmér and stir in thé héavy créam; simmér for 12 to 15 minutés, or until véggiés aré téndér, stirring occasionally.
Puréé with an immérsion bléndér OR working in batchés, puréé in a bléndér machiné; blénd until créamy and smooth.
Pour bléndéd soup back into thé soup pot; incréasé héat to médium, add shréddéd chéddar chéésé and nutmég, thén stir until méltéd.
Tasté for séasonings and adjust accordingly.
Rémové from héat.
Garnish with préviously préparéd bacon, shréddéd chéddar chéésé, if using, and chivés.
Sérvé.
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