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!
cleansing detox soup
There’s nothing better than curling up with a comforting bowl of hot soup after a long, frigid, wintry day. The new year is in full swing. Everyone is back to work after the holiday fun, and it’s game time.
Since the arctic like conditions have arrived here in Chicago, fully making themselves known, it’s time to take care of our bodies with proper immune-boosting nourishment (unless of course you live in a warm place, then please send us some of your warm air!).
This oil-free Cleansing Detox Soup is packed with all the good stuff, and by good stuff I mean immune-boosting natural remedies like fresh lemon juice, fresh zingy ginger, bright turmeric, balancing cinnamon, and a touch of spicy cayenne. Detoxifying vegetables and leafy greens like kale, broccoli, celery and carrots will cleanse, nourish and make you feel whole. I carefully chose each ingredient based on it’s healing properties and am sticking to oil free recipes all of January. You especially want to avoid cooking with oils in a cleansing and detoxifying recipe to allow the detoxification process to properly take place.
INGREDIENTS
- 1/4 cup water (or vegetable broth)
- 1/2 of a red onion, diced
- 2 cloves garlic, minced
- 3 celery stalks, diced
- 3 medium carrots, diced
- 1 small head of broccoli, florets
- 1 cup chopped tomatoes
- 1 tablespoon fresh ginger, peeled and minced
- 1 teaspoon turmeric (I used powdered)
- 1/4 teaspoon cinnamon
- 1/8 teaspoon cayenne pepper, or to taste (optional)
- fine-grain sea salt and black pepper, to taste
- 6 cups water (or 4 cups vegetable broth + 2 cups water)
- 2 cups kale, de-stemmed and torn in pieces
- 1 cup purple cabbage, chopped
- juice from 1/2 of a small lemon (or a whole lemon, depending how much lemon flavor you prefer)
INSTRUCTIONS
- In a large pot, add the water and turn on the heat to medium-high. After it's hot, add the onion and garlic. Sauté for 2 minutes, stirring occasionally. Add the celery, carrots, broccoli, tomatoes and fresh ginger. Stir and cook for 3 minutes, adding in extra water or broth as needed (another 1/4 cup). Stir in the turmeric, cinnamon, and cayenne pepper plus salt and pepper to taste.
- Add in the water or vegetable broth and bring to a boil. Reduce heat and simmer for 10-15 minutes or until vegetables are soft. Add in the kale, cabbage and lemon juice near the last 2-3 minutes of simmering.
- Enjoy!
NOTES
This cleansing recipe is oil-free because avoiding the use of oil during a cleansing meal is important for the detoxification process (and you won't miss the oil at all due to all the flavor!) but if you feel like cooking with oil, use a minimal amount - 1 tablespoon or less.
Leftovers stay well in the refrigerator for up to 3 days.
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