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!
Watching Your Weight? Eat Soup! (Dirty Little Secret Soup Recipe)
I love soup, especially during cold weather. In the winter, about every other meal I make centers around soup. I tend to favor thick, chunky, meal-in-a-bowl soups, primarily because I’m too lazy to make lots of different courses. But if I had all the time and energy in the world, I would like nothing better than to start every meal with a light, vegetable-based soup.
Main-dish soups are also great for dieters. Adding some beans or other high-protein ingredients increases the soup’s “staying power”–the length of time it satisfies your hunger–and turns it into a one-pot meal. Soups that are already protein-heavy, such as split-pea or lentil, can be lightened up with the addition of vegetables or can be served as the main dish along with salads or other vegetable sides.
Some people eschew frozen vegetables, but they are often more nutritious than fresh ones that have been shipped from far away. They’re usually flash-frozen at the farm, resulting in more nutrients being preserved; vegetables that are allowed to age before cooking lose some of their nutritional value.
Ingredients
- 5-6 cups vegetable broth I use Imagine No-Chicken
- 1 16- ounce can diced tomatoes
- 2 16- ounce cans beans rinsed and drained (I usually use 1 Great Northern and 1 Kidney Bean)
- 2 1- pound bags of frozen vegetables (my favorites are California Blend [cauliflower, broccoli, and carrots] and Italian Blend [zucchini, Italian green beans, broccoli, red pepper])
- 4 cloves minced garlic
- 1 teaspoon basil
- 1/2 teaspoons oregano
- 1/2 teaspoon thyme
- a shake or two of hot pepper sauce (Tabasco)
- black pepper and salt to taste
- 1/2 cup small pasta OR 2 cups diced potatoes OR 1 cup frozen corn or other starchy vegetable OR 1/2 cup of quick-cooking grain (buckwheat, pearled barley, millet, or quinoa or cooked rice OPTIONAL
Instructions
- Put 5 cups of vegetable broth and all remaining ingredients into a large pot. Bring to a boil, reduce heat, and simmer until vegetables are done, about 20-30 minutes. If the soup seems too thick, add more broth. Taste and adjust seasonings before serving.
- This can also be made with 2 pounds of whatever fresh vegetables you have in the house.
Recipe Notes
The nutritional breakdown will vary depending on the ingredients you use. Nutrition (per serving) without optional starch and using Imagine No-Chicken Broth and California Blend Vegetables listed in the Nutritional Facts below.
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