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!
creamy garlic herb mushroom spaghetti
Mushroom spaghetti with a creamy garlic herb sauce? Okay, this is capital L-O-V-E on so many levels.
I know – technically, this probably would have been a better fit for Meatless Monday. It’s a nice way to change up spaghetti and make it something a little more veg-friendly and, um, what’s the word? GAHHHHH?
But when we’re talking about butter and garlic soaked mushrooms tossed with fresh herbs and coated in a creamy sauce all served up on steaming hot pasta – ♡♡♡ – let’s get real. That, my friends, does not need a Meatless Monday. In my world, that can happen any day of the week.
This is not a new conversation around here, but I always feel the need to let you guys know: I haven’t always been a mushroom lover.
This Creamy Garlic Herb Mushroom Spaghetti is total comfort food! Simple ingredients, ready in about 30 minutes. Vegetarian.
INGREDIENTS
- 8 ounces whole wheat pasta (spaghetti, linguine, etc.) – I like DeLallo brand
- 4 tablespoons butter, divided
- 3 cloves garlic, minced, divided
- 16 ounces fresh mushrooms, sliced
- 2 tablespoons flour (or whole wheat flour)
- 1 teaspoon herbes de provence
- 1 1/2 cups milk
- salt and pepper to taste
- 3 tablespoons olive oil
- additional 1/4 cup water, broth, milk or cream (optional)
- 1/4 cup fresh parsley (more to taste)
INSTRUCTIONS
- Pasta: Cook the pasta according to package directions. Set aside and toss with a little oil to prevent sticking.
- Mushrooms: Melt 2 tablespoons of butter over medium high heat. Add one clove of the garlic and saute for a minute until fragrant. Add the mushrooms and sauté for 5-10 minutes, until golden brown and softened. Set aside.
- Sauce: Add the remaining 2 tablespoons of butter to the pan and melt again over medium high heat. Add the garlic and saute for a minute until fragrant. Add the flour and herbes de provence. Stir fry for a minute to cook out the flour taste. Add the milk slowly, whisking to incorporate. Let the mixture simmer until thickened. Season with salt and pepper.
- Assemble: Toss the sauce, pasta, and mushrooms together. Add the olive oil and water as needed to keep the sauce from getting too thick. Stir in the parsley just before serving.
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