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!
QUINOA POWER BOWLS WITH MAPLE CHIPOTLE BRUSSELS AND SMOKY BUTTERNUT SQUASH
QUINOA POWER BOWLS WITH MAPLE CHIPOTLE BRUSSELS AND SMOKY BUTTERNUT SQUASH
Quinoa and kale topped with roasted maple chipotle brussels, smoky butternut squash and avocado finished off with a drizzle of honey dijon vinaigrette. An incredibly delicious bowl of goods that is equally loaded with flavor as it is nutrition
- 1 lb brussels sprouts, trimmed and halved
- 3 cups butternut squash, peeled and cubed (~1 small squash)
- 1 cup quinoa, rinsed
- 2 cups vegetable broth (or chicken broth if not making vegetarian)
- 2 cups chopped kale
- 1 tbsp adobe sauce (from a can of chipotle peppers)
- 1 tbsp maple syrup
- 3 tsp coconut oil, divided
- ½ tsp smoked paprika
- ½ tsp garlic powder
- ¼ tsp sea salt
- Optional toppings: chipotle pepper, avocado, hemp seeds, pine nuts, goat cheese
- **Honey Dijon Vinaigrette**
- 2 tbsp Dijon mustard
- 2 tbsp extra virgin olive oil
- 2 tsp honey
- Preheat oven to 425 degrees F. Prepare two baking sheets.
- Toss brussels in adobe sauce, maple syrup and 1 tsp coconut oil. Spread evenly on one baking sheet.
- Toss butternut squash in smoked paprika, garlic powder and 2 tsp coconut oil. Spread evenly on separate baking sheet. Place both baking sheets in the oven and roast for ~20-25 minutes, stirring once halfway through.
- In the meantime, prepare quinoa by combining quinoa and vegetable (or chicken) broth in a medium-sized saucepan. Bring to a boil, reduce heat to low, cover and cook ~15 minutes, or until all broth is absorbed. Mix in chopped kale (kale will wilt once it is mixed with hot quinoa).
- Prepare vinaigrette by combining ingredients in a small bowl and whisking until well-combined.
- Prepare bowls by adding quinoa/kale mix and roasted vegetables in a bowl or on a plate. Drizzle contents with vinaigrette and add additional toppings if desired. Great served hot or cold!
Serving size: 1 bowl Calories: 390 Fat: 14 gm Saturated fat: 3.5 gm Carbohydrates: 61 gmSugar: 14.5 gm Sodium: 512 mg Fiber: 10 gm Protein: 12 gm Cholesterol: 0 mg
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