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!
VEGAN BROCCOLI CHEESE SOUP RECIPE
This thick and creamy vegan broccoli cheese soup recipe is loaded with “cheesy” goodness that will quench your craving for comfort food any night of the week. Kid-friendly, vegan, dairy-free and gluten-free.
Cheese has definitely one of the hardest things for me to give up while I’m working on transitioning to being 100% vegan.
The only way that I’ve found to stop the cravings is by “veganizing” my favorite cheesy recipes. That means to still make macaroni and cheese or cheesy loaded broccoli stuffed potatoes when you’re craving it, just make it without dairy cheese.
Ingredients
- 1/3 cup raw cashews, soaked and drained
- 2 tbsp olive oil
- 1 medium onion, diced
- 3 medium russet potatoes, peeled and cut into 1-inch cubes
- 4 medium carrots, peeled and thinly sliced
- 2 cups of water
- 1 tsp paprika
- 2 tsp garlic powder
- 1/8 tsp cayenne pepper (For color, not heat)
- 3 Tbsp nutritional yeast (Or more to taste)
- 1- quart vegetable broth
- 2 lbs broccoli florets (Fresh or frozen)
- Sea salt and pepper to taste
- Parsley for garnish
Instructions
- Soak cashews in water for 1 hour, drain and discard water. Set aside.
- Add oil to a dutch oven and cook the diced onions for 5 minutes over medium heat. Add cubed potatoes, thinly sliced carrots, a pinch of salt and 2 cups of water. Cover and let cook for 20-25 minutes or until the vegetables are soft. Almost all of the water should be absorbed by now.
- Let mixture cool slightly before adding it to the food processor or high powered blender.
- Add vegetable broth, paprika, garlic powder, cayenne pepper, nutritional yeast, cashews, salt, and pepper to the food processor. Blend on high until smooth and creamy.
- Note - If you don't have a large blender, blend the soup in batches.
- Pour the soup back into the original pot and bring to a low simmer for 5-10 mins.
- You can use fresh or frozen broccoli for this soup (cook it while the potatoes and carrots are cooking). After you steam or roast the broccoli, chop it up into bite-size chunks and add it to the soup.
- Garnish each bowl with parsley and a sprinkle of cayenne.
Recipe Notes
You can substitute chickpeas for the cashews if you want this recipe to be nut-free.
You can use fresh or frozen broccoli in this recipe, it really doesn’t affect the consistency.
Feel free to add grated carrots or other vegetables to the soup.
The addition of cayenne pepper is just for color, not for heat. If you’re concerned, please omit it.
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