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!
GINGER AND TURMERIC CARROT SOUP
This Ginger and Turmeric Carrot Soup is easy to make and at the same time the complexity of flavors make for a very exciting dish. This is not a plain boring soup by any means.
When developing this recipe, my idea was to use only carrots (and you can if you wish) but I saw a very lonely sweet potato hanging out in my kitchen and I decided to incorporate it into the soup. I think the distinct sweetness of the sweet potato added a whole other layer of flavor and texture. I also used freshly squeezed orange juice to add to the natural sweetness and to brighten up the soup.
This immune boosting Ginger and Turmeric Carrot Soup is simple and easy to make. Sweet potato and freshly squeezed orange juice brighten up the flavor. Finished with a bit of coconut milk to add creaminess and body.
Ingredients
- 2 tablespoon coconut oil
- 1 medium onion chopped
- 1 celery stalk chopped
- 2 pounds carrots peeled and chopped
- 1 small to medium sweet potato peeled and chopped
- 1- inch piece ginger peeled and minced (or 1 teaspoon ground ginger)
- 1- inch piece turmeric peeled and minced (or 1 teaspoon ground turmeric)
- Juice of 1 orange
- 6 cups vegetable or chicken broth plus more if needed
- Salt to taste
- ¾ cup coconut milk
- For garnish:
- Coconut milk optional
- ½ cup pistachios toasted (optional)
- bread croutons optional
Instructions
- In a large saucepan, melt the coconut oil over medium heat. Add the onion, celery, carrots and sweet potatoes and sauté, stirring frequently for about 4 minutes. Add the ginger and turmeric and sauté for another 3 minutes or until the onions are translucent and the vegetables look bright and glossy. Add the freshly squeezed orange juice and stir. Add the broth and bring to a boil. Reduce the heat to low and cover the pan. Simmer for about 25 -30 minutes or until the carrots and sweet potato are tender.
- Using an immersion blender, puree the soup (or puree in batches in a blender or food processor). Keep the soup on low heat and add the coconut milk and season with salt. Simmer for 5 more minutes. You can add extra broth to thin up the soup if desire.
- Ladle the soup into bowls and garnish with extra coconut milk (optional), toasted pistachios (optional) and bread croutons (optional)
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