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!
sweet potato and peanut soup
Friends, I’m here to tell you today this Sweet Potato and Peanut Soup is one of the Best Healthy Seasonal Recipes ever. And it just happens to be naturally gluten-free and vegan!
There are times in recipe development when the stars align and a keeper is born. This soup is one of those recipes. It is so darned delicious that I can’t wait for you to try it. I am officially obsessed!
This Sweet Potato and Peanut Soup is one of the Best of Healthy Seasonal Recipes ever. And it just happens to be naturally gluten-free and vegan!
Ingredients
- 1 tablespoon canola oil
- 2 medium onions diced, about 3 cups
- 4 cloves garlic, minced
- 3 stalks celery, diced
- 6 cups vegetable broth, such as Imagine No Chicken
- 2 pounds sweet potatoes, peeled and cut into 1 to 2-inch chunks
- 1 teaspoon salt
- 1 13-ounce can “lite” coconut milk
- ¾ cup unsalted roasted peanuts
- 3 tablespoons lime juice
- Chopped cilantro, chopped peanuts and Sriracha for garnish
Instructions
- Heat oil in a large heavy-bottomed soup pot or Dutch oven over medium heat. Add onion and garlic and cook, stirring often until the onion is starting to soften and brown, 5 to 6 minutes. Add celery, broth, sweet potato and salt, increase heat to high, cover and bring to a boil. Reduce heat to maintain a simmer and cook, removing lid to stir occasionally, until the potatoes are very soft and fall apart when tested with a fork or tongs, about 15 minutes.
- Puree about half of the soup in a blender in two batches and add back to the pot. Puree the coconut milk and peanuts in a blender until smooth, about 1 minute. Stir the coconut mixture and the lime juice into the soup. Gently stir over low heat to warm through. Do not boil. Serve garnished with cilantro, chopped peanuts and Sriracha to taste.
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