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!
BUTTERNUT SQUASH MAC AND CHEESE (DAIRY FREE, SOY FREE, VEGAN)
It was National Noodle Day yesterday. I was hoping to have this post ready for that, but after a super fun high school reunion this weekend, it just didn’t happen. So here ya go…why not celebrate noodles two days in a row?! Especially with this delicious dairy free Butternut Squash Mac and Cheese!
Pleasing vegans, omnivores, adults, and kids alike, this is one creamy pasta dish you don’t want to miss!
Butternut Squash Mac and Cheese - this is the BEST vegan mac and cheese you'll ever have! Made from all whole food plant based ingredients, it's healthy for you too! Kid approved!
Ingredients
- 1 1/2 cups butternut squash (peeled and chopped into cubes)
- 1/2 large sweet onion (peeled and chopped)
- 16 oz package small macaroni noodles (cooked according to package directions) (use gluten free noodles, if desired)
- 1/4 cup reserved cooking liquid (from the squash/onion or the noodles...either one will work)
- 1/4 cup raw cashews (soaked in hot water for 30 minutes)
- 1 tbsp lemon juice
- 1 tsp salt
- 1 tsp dijon mustard
- 1/4 tsp garlic powder
- 1/4 tsp black pepper
- 1/8 tsp smoked paprika
- 1/8 tsp turmeric
- 1/8 tsp nutmeg
Instructions
- Add butternut squash and onions to a pot and cover with water by at least an inch or two. Bring to a boil, turn down heat to medium and simmer until vegetables are tender (about 15 minutes or so).
- Meanwhile, cook macaroni noodles according to package directions. Reserve 1/4 cup cooking liquid once noodles are done cooking and before draining. Place noodles back in pot and set aside.
- When squash and onions are tender, drain (reserving 1/4 cup liquid - unless you are reserving the liquid from the noodles), and add them to a high speed blender with the cashews, lemon juice, salt, dijon, garlic powder, black pepper, smoked paprika, turmeric, nutmeg and reserved cooking liquid from either the noodles or the squash. Blend until completely smooth. Use a tamper if necessary to push ingredients to the bottom of the blender.
- Add butternut squash sauce to the macaroni noodles and stir, making sure every noodle is covered in sauce. Warm through if needed.
- Dig in!
Nutrition Facts
Butternut Mac (Dairy Free, Soy Free, Vegan)
Amount Per Serving
Calories 447Calories from Fat 108
% Daily Value*
Total Fat 12g18%
Saturated Fat 2g10%
Monounsaturated Fat 1g
Sodium 392mg16%
Potassium 162mg5%
Total Carbohydrates 72g24%
Dietary Fiber 4g16%
Sugars 7g
Protein 12g24%
Vitamin A75%
Vitamin C16%
Calcium3%
Iron19%
* Percent Daily Values are based on a 2000 calorie diet.
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