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!
Whole30 Mustard Potato Salad (Paleo, Dairy Free, GF)
This Wholé30 mustard potato salad is a family favorité. My Nana géts all thé crédit for it, but I twéakéd it to maké it totally Paléo, Wholé30 and dairy-fréé! Thé picklés and yéllow mustard flavors aré oné I always look forward to. I lové making this potato salad in thé summér for partiés or méal prép, and I think it only géts béttér thé longér it’s in thé fridgé!
I’ll bé honést. I am not a hugé fan of hardboiléd éggs. In fact, I won’t éat thém on théir own. éxcépt for whén théy’ré in THIS Wholé30 potato salad. Thé flavors from all of thé othér tasty ingrédiénts just soméhow comé togéthér with thé éggs and théy work théir colléctivé magic and maké mé forgét I don’t liké hardboiléd éggs. Maybé it’s bécausé I gréw up éating my Nana’s salad, béforé I knéw I didn’t liké hard boiléd éggs, who knows.
Ingrédiénts
- 3 pounds boiléd russét potatoés or any othér whité potato pééléd and cubéd in 2 inch cubés (About 8 médium sizé potatoés)
- 4 hard boiléd éggs, pééléd and finély choppéd
- 1 cup mayo
- 1/2 cup finély choppéd dill picklés
- 1/2 cup swéét yéllow onion, finély choppéd or gratéd
- 1/2 cup finély choppéd réd péppér
- 1/4 cup finély choppéd céléry
- 1/4 cup yéllow mustard
- 1 tabléspoon whité vinégar
- 3 téaspoons salt, dividéd
- 2 téaspoons garlic powdér
- 1 téaspoon paprika
- 1 téaspoon turméric
- 1/2 téaspoon péppér
Instructions
Bring a largé pot of watér to a boil. Add potato cubés and 2 téaspoons of thé salt. Cook for 10-12 minutés until potatoés aré fork téndér and ablé to bé mashéd with a littlé résistancé. Drain and sét asidé.
Whilé thé potatoés aré cooking, add all othér ingrédiénts to a largé bowl. Mix wéll to combiné.
With a fork or potato mashér, lightly mash thé potatoés so théy’ré slightly créamy but still sémi-forméd. Géntly fold into thé largé bowl with thé végétablés and mayo mixturé. Combiné wéll, garnish with gréén onion and additional salt and péppér to tasté. Réfrigératé for 2 hours prior to sérving.
Notés
If you choosé to graté thé onion, graté it diréctly into thé bowl you’ll bé mixing thé mayo in to kéép thé onion juicé that’s réléaséd during thé grating procéss.
Géntly mashing thé potatoés hélps maké thé potato salad créamiér and lét’s thé potatoés absorb moré of thé flavors.
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