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 Jambalaya
This vegan jambalaya recipe is super easy to make with basic pantry staples. Tomato-y rice flavoured with loads of herbs and spices and bulked up with celery, peppers and a selection of mixed beans make a hearty, warming and filling quick weeknight lunch or dinner.
It’s hard to beat rice dishes that can be cooked up with minimal effort and anything goes. Vegan fried rice, for example, can be made in a hundred and one different ways with whichever vegetables and seasonings you have on hand.
Such is also the case with this vegan jambalaya. You’ll need the basic inarguable Creole combination of onion, celery and bell pepper, but after that I’d say you can get pretty creative. Since we’re making this jambalaya recipe vegetarian and taking out all the meat, you can replace it with anything you want.
This vegan jambalaya recipe is super easy to make with basic pantry staples. Tomato-y rice flavoured with loads of herbs and spices and bulked up with celery, peppers and a selection of mixed beans make a hearty, warming and filling quick weeknight lunch or dinner.
Ingredients
- 1 onion, diced
- 2 stalks of celery, chopped
- 4 cloves of garlic, minced
- Half a green pepper, diced
- Half a red pepper, diced
- 1 can (400 grams / 14 oz) crushed tomatoes
- 4 cups (1 litre) vegetable stock
- 1 teaspoon dried oregano
- 1 teaspoon dried basil
- 1 teaspoon dried thyme
- 1 teaspoon sweet paprika
- ½ teaspoon smoky paprika
- ½ teaspoon dried cayenne pepper
- 2 bay leaves
- 2 tablespoons Tabasco sauce (adjust to taste)
- 2 tablespoons soy sauce
- Pepper, to taste
- 2 cups (400 grams) uncooked brown rice
- 3 cups (500 grams) mixed beans (I used chickpeas, white beans and kidney beans)
- 1 teaspoon salt (or to taste)
- ¼ cup (7 grams) fresh chopped parsley
- 1 green onion, chopped (optional)
Instructions
- Heat a large pan over medium-high heat and add a splash of water or a tablespoon of oil. Add the onion, and garlic and sauté until soft. Add the celery and peppers, and another splash of water if necessary, and sauté until just beginning to soften.
- Add the crushed tomato, vegetable stock, herbs, spices and sauces (except the salt) and rice. Bring to a boil then reduce the heat to low and cover the pan. Simmer gently until the rice is cooked and the liquid is absorbed – 30 to 40 minutes. Keep an eye on it near the end of the cooking time and stir from time to time to prevent the rice from sticking.
- Once the rice is tender, stir in the beans and taste. Add salt if necessary. Give it a minute for the beans to heat then serve the jambalaya with fresh chopped parsley and green onion sprinkled on top and more Tabasco sauce on the side for those who like it really spicy.
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