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!
simple sweet potato breakfast bowl {grain-free + whole30 and paleo friendly}
an easy, healthy and delicious breakfast bowl you can meal prep in advance. this simple sweet potato breakfast bowl is a great alternative to oatmeal — grain-free, gluten-free, and whole30 and paleo friendly!
simple sweet potato breakfast bowl
it’s simple because it’s only 5 ingredients — sweet potato, banana {which you can easily omit if you’re following a strict whole30}, cinnamon, collagen protein {i prefer vital proteins collagen peptides} and a splash of almond milk. simple.
an easy, healthy and delicious breakfast bowl you can meal prep in advance. this simple sweet potato breakfast bowl is a great alternative to oatmeal -- grain-free, gluten-free, and whole30 and paleo friendly!
ingredients
- 1 medium sweet potato, baked and mashed
- 1 banana {1/2 mashed in bowl and ½ sliced for toppings. note, this is an optional ingredient and you can always omit the banana if you are following a strict whole30}
- 1 teaspoon cinnamon or pumpkin pie spice
- 1 scoop collagen peptides
- splash of coconut or almond milk
- optional toppings:
- 2 tbsp grain-free granola {wholeme}
- ½ sliced banana
- 1 tbsp chia seeds
- 1 tbsp nuts
- 1 tbsp raisins
- 1 tbsp almond butter {or nut butter of choice}
- 2 tbsp greek yogurt
- 1 tsp honey or maple syrup
- 1 tbsp unsweetened shredded coconut
- more cinnamon or pumpkin pie spice
instructions
- if you have not already prepped your sweet potato; stab sweet potato with a knife or fork 5-10 times then bake sweet potato at 350 for 30-35 minutes.
- in a medium bowl, mash together the sweet potato, ½ banana, cinnamon, collagen peptides and splash of almond milk.
- heat or re-heat this mixture if necessary {approx. 1-2 minutes in microwave}.
- top with additional ingredients of your choice and enjoy!
notes
*save time by prepping/baking your sweet potatoes ahead of time and simply re-heating when you are ready to enjoy this delicious bowl for breakfast.
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