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!
SPAGHETTI SQUASH CHOW MEIN
If you know me, you know that I get on kicks of liking different foods way too much. Then I eat it all the time and eventually get sick of it. The first time I can remember this happening was with Easy Mac when I was a child. I wanted that stuff all the time… and soon enough I couldn’t look at it anymore. More recently, last year to be exact, I was obsessed with brussel sprouts. Like really obsessed. I would have a huge bowl and call it dinner. You might think, wow that sounds healthy and good for you! Well it was for a little while, but now I am not in love with them anymore and I ruined a perfectly healthy side dish!! Anyways.
I mention this because I am now slightly obsessed with Spaghetti Squash. I love it so much. I try not to eat pasta much because I can’t eat just one little proper serving. Carbs are addicting… so instead I just replace noodles with spaghetti squash and can enjoy lots of whatever I make! I saw this recipe on Pinterest for chow mein and I wanted to make it so bad but I just couldn’t do it because I know how bad that would be for my wedding day. Insert spaghetti squash. Yes I know it doesn’t taste exactly like noodles, but it is a great vehicle for delicious sauces and reminds you enough of the original to keep you very satisfied! Another favorite swap of mine is this Cauliflower Fried Rice – it is paleo and whole30 approved!
Ingredients
- 1 large spaghetti squash
- 1/4 cup COCONUT AMINOS (or tamari if not paleo)
- 3 cloves garlic, minced
- 1 tablespoon COCONUT SUGAR
- 2 teaspoons freshly grated ginger
- 1/4 teaspoon white pepper (or black pepper!)
- 2 tablespoons OLIVE OIL
- 1 onion, diced
- 3 stalks celery, sliced diagonally
- 2 cups cole slaw mix (shredded cabbage and carrots)
Instructions
- Cut a spaghetti squash in half length wise and scoop out seeds. Lay skin side up in a 13 x 9 pyrex and pour 1/2 inch of water in the bottom of the pan. Bake at 400 degrees for 30-40 minutes, until flesh is very tender. Once done, scoop out flesh with a fork so it breaks apart into strings, set aside.
- In a small bowl, whisk together coconut aminos, garlic, coconut sugar, ginger and white pepper; set aside.
- Heat olive oil in a large skillet over medium high heat. Add onion and celery, and cook, stirring often, until tender, about 3-4 minutes. Stir in cabbage until heated through, about 1 minute.
- Stir in spaghetti squash and sauce mixture until well combined, about 2 minutes
- Serve immediately.
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