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!
Greek Zucchini Noodles with Feta, Olives, Artichokes and Tomatoes + Meal Plan Monday #3
Before I get to the rest of my post, I’m happy to announce that my weekly meal plan shopping list now has mobile-friendly check boxes! They will work if you open the PDF in the free Adobe Reader App for Android or iOS. Take it with you on your phone or tablet and check off your items as you shop the store without needing to print it out. (Scroll beyond the recipe for this week’s meal plan.)
On to the recipe: My sister and I gave a spiralizer to my mom for her birthday last month, so I wanted to create a zucchini noodle recipe for her that she would really enjoy and wouldn’t be something you see everywhere else. Surprise mom! I created a recipe just for you! (Hopefully you’re still reading my blog. Haha.)
If you’ve never had zucchini noodles before, you’re in for a treat! Zucchini noodles (I like to call them zoodles because it’s more fun) are julienned or spiralized strips of zucchini or squash that you cook and eat just like you would spaghetti. (And yes, there’s also spaghetti squash, but they’re not as fun as saying zoodles. Oodles of zoodles!) The best part is that they’re packed with nutrients, low carb, and gluten-free. Plus, I think they’re permitted on almost every popular diet I’ve recently heard of, so this is a good recipe to keep in your quick “just in case” file for guests with dietary restrictions.
Ingredients
- 1 lb (about 2 medium) zucchini squash
- 1 lb (about 2 medium) yellow squash
- 1 15oz can diced tomatoes, drained
- 1 cup artichoke hearts, diced
- 1 cup black olives, drained and sliced
- 1 cup crumbled feta cheese
- salt and pepper to taste
- 1 cup rotisserie chicken or turkey (optional to add more protein)
Instructions
- Using a julienne peeler, mandoline slicer with julienne attachment, vegetable spiralizer or knife, slice the zucchini and squash into noodles.
- Bring about 5 cups of water to a boil in a medium sauce pan.
- Once the water is boiling, add the zucchini noodles and boil for 3 minutes.
- Drain noodles into a strainer and gently press some of the excess liquid out with a paper towel. (They tend to make added sauce runny if you don't.)
- Add zoodles and all remaining ingredients to a medium bowl and toss to combine.
- Serve immediately.
Notes
- Gluten-free: These are gluten free!
- Vegetarian: These are vegetarian!
- Vegan: leave out the feta and replace with tofu crumbles or vegan cashew "feta"
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