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!
GARDEN VEGGIE CHICKPEA SALAD SANDWICH
his tasty Garden Veggie Chickpea Salad Sandwich is a plant-based powerhouse of a lunch! Make it in advance for a party or picnic or to take along as an easy weekday lunch for work or school.
I mean sure I don’t answer my phone when it rings. I obviously Instagram my food every dang day. And of COURSE I don’t have cable, surviving entirely off Netflix, YouTube, Amazon Prime Video for all my entertainment needs. My laundry detergent is plant-based, my back yard is teeming with home-grown veggies, and after working out I trade my sweaty yoga pants for a clean but identical pair, because stretchy pants are LIFE, people! LIFE!
I guess I have no choice but to wave the white flag on this argument. I’m a millennial. The kind of millennial who makes tuna salad out of smashed chickpeas and veggies and offers no apologies because IT’S DELICIOUS, YO!
Ingredients
FOR THE SALAD:
- 1 (15 ounce) can chickpeas, drained + rinsed
- 3 stalks green onion
- 2 stalks celery
- 1/4 cup chopped shredded carrots
- 1/4 cup finely chopped red bell pepper
- 1/4 cup finely chopped dill pickle
- 1/4 cup store bought or homemade mayonnaise (vegan or regular)
- 1-2 tsp dijon mustard
- 1 tsp yellow mustard
- 1/8 tsp dried dill (or fresh, to taste)
- 1/8 tsp salt
- 1/8 tsp pepper
- 3 TBSP unsalted roasted sunflower seeds
- 2 TBSP fresh chopped basil, plus extra to taste
FOR THE SANDWICH:
- multi-grain sandwich bread
- arugula or romaine lettuce
- extra basil as desired
- optional tomatoes and/or red onion
- sandwich spread of your choice
- spicy mustard
- mayo
- hummus
- anything goes!
Instructions
- Drain and rinse your chickpeas and add them to a large bowl. Mash with a potato masher until texture appears flaked, almost like tuna salad. I use both a potato masher and follow up with a fork to make sure every chickpea is deliciously smashed. You could also use a food processor and skip the arm workout!
- Chop your green onion, celery, shredded carrots, pepper, and pickles.
- Add to the bowl with your chickpeas, then add mayo, dijon, yellow mustard, dill, salt, and pepper. Stir well to coat.
- Fold in sunflower seeds and basil (as much or as little as you'd like) and adjust any ingredients to taste.
- Pile high on bread with all your sandwich fixings or enjoy as a wrap, with crackers, on a salad, or simply dive into the bowl spoon-first - anything goes!
Notes
This makes a FABULOUS make-ahead dish for lunches during the week and is great on the go too. Pack a sandwich or salad for lunch/school or make it ahead to serve at a party or picnic.
The salad will be great for approx. 4 days in the refrigerator so make it for now, or for later!
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