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!
LENTIL RAGU
I am in mass production mode this time of year, making enough stews, sauces and meatballs to fill my freezer and last me well into spring. One of my favourite things to make in big batches is a chunky ragu that I can quickly thaw and enjoy on zucchini noodles, spaghetti squash, or just on its own like a stew.
I am going to be honest, my chunky lamb ragu will forever be the best ragu on earth, but if you are looking for a vegetarian option, this lentil ragu is delicious. The lentils add heartiness to the sauce that is very similar to meat and will satisfy any carnivore.
The key to perfecting this ragu is time and patience. The longer you leave it to simmer, the more tender the lentils become and the more flavour the sauce will develop.
If you make this recipe let me know in the comment section below, I would love to hear what you think or take a photo and tag me (@everylastbite1) on Instagram, I love seeing your photos!
Ingredients
- 1 cup dried green lentils soaked in water overnight
- 1 tbsp olive oil
- 2 carrots finely chopped
- 2 sticks celery finely chopped
- 1 onion finely chopped
- 4 cloves garlic minced
- 3 cans chopped tomato 14oz each
- 4 cups vegetable broth
- 2 tsp fresh thyme
- 2 tsp dried oregano
- 1/4 tsp red pepper flakes
Instructions
- Heat the oil in a large pot on medium heat. Add in the chopped carrots, celery, onion and garlic and sauté for approximately 5 minutes until the vegetables begin to soften.
- Add the cans of tomato, vegetable broth, thyme, oregano, red pepper flakes and lentils and bring to a boil.
- Reduce the heat to low, cover the pot and leave to simmer for 1 hour.
- After 1 hour remove the lid and continue to cook for approximately 45 minutes until the sauce has reduced by half and the lentils have become very tender.
- Serve the sauce on its own or on top of pasta, zucchini noodles or spaghetti squash. This sauce freezes very well.
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