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!
DRUNKEN WILD MUSHROOM PASTA
Drunken Wild Mushroom Pasta with a Creamy Goat Cheese Sauce – this recipe is total comfort food! Easy, using simple ingredients, done in just 30 minutes, only 331 calories, and vegetarian!
Did you know that 50% of the population doesn’t like mushrooms!?
I find that to be a crazy outrageous number. I mean what is so wrong with mushrooms. They are delicious and add so much flavor to a dish. I grew up on them! We use to put them on kabobs during the summer, sauted mushrooms and onions and put them on steak, or stuff them with cheese and bake them.
This dish is velvety, fancy, creamy, and down right delicious! I cannot wait for you mushrooms lovers out there to fall in love with this dish and for you non-mushroom lovers to be wowed!
INGREDIENTS
- 3 tablespoons olive oil
- 26 oz. assortment of wild mushrooms, sliced (crimini, shitake, oyster, baby bella, whatever you want)
- 1 red onion, diced
- 4 garlic cloves, minced
- 1 teaspoon sea salt
- 2 tablespoons sherry cooking wine
- 2 1/2 teaspoons fresh thyme, diced
- 1 lb. Dreamfields linguine pasta
- 6 oz. goat cheese
- 3/4 cup reserved pasta cooking liquid
- salt to taste
- 1/4 cup hazelnuts, chopped
INSTRUCTIONS
- Bring a large pot of water to a boil.
- Heat a large skillet to medium high heat.
- Add olive oil and mushrooms. Saute for 7-10 minutes until mushrooms start to brown.
- Next add onions, garlic, and season with salt. Saute and stir onions for 3-4 minutes.
- Add in sherry cooking wine and cook down until liquid is evaporated. Finish with fresh time and set aside.
- Add noodles to pot of boiling water. Cook until al dente (according to package instructions)
- Reserve 3/4 cup of pasta cooking liquid and drain the rest.
- Add the noodles, wild mushroom mixture, goat cheese, and cooking liquid to a large bowl. Toss to mix everything together until goat cheese is completely melted.
- Top with chopped hazelnuts!
- Serve.
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