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!
creamy roasted tomato basil soup (no cream)
Full of basil and a hint of garlic, this soup will most likely be on you weekly rotation, no matter the season. I garnished this soup with blistered tomato pieces, shaved parmesan and basil. Make ahead and freeze in advance OR serve immediately. This soup is the perfect start to a meal, or as a meal in itself. To get that creamy texture, I added in a secret weapon. No cream cheese or heavy/thickened creams are needed.
A Creamy Roasted Tomato Basil Soup full of incredible flavours, naturally thickened with no need for cream cheese or heavy creams!
Ingredients
- 1.2 kg | 2 1/2 lbs Roma tomatoes , halved lengthwise
- 600 g | 1 1/4 lbs Grape (or Cherry) tomatoes, halved lengthwise
- 8 whole cloves garlic , peeled and smashed with the back of a knife
- 3 tablespoons olive oil
- Salt and freshly ground black pepper
- 1 large yellow onion, chopped (optional)
- 1 red bell pepper (capsicum), deseeded and diced
- 1 potato (100 g | 3 oz), diced
- 3 tablespoons tomato paste
- 4 cups vegetable broth
- 2 cups lightly packed fresh basil leaves , roughly torn
Instructions- Preheat oven to 430°F | 220°C. Place tomatoes on a baking tray with the garlic cloves. Drizzle with 2 tablespoons of oil, season with salt and pepper, and roast for about 25 minutes, or until soft and charred on the tops.
- While tomatoes are roasting, heat 1 tablespoon of oil in a medium-sized pot/saucepan over medium-high heat. Add the onion, peppers (capsicum) and potato; cook while occasionally stirring, until the onion is transparent and the potato begin to crisp on the outer edges (about 6-7 minutes). Stir the tomato paste through the potatoes and onion; pour in the broth/stock; season with extra salt; cover and bring to a boil.
- Reduce heat to low; simmer for about 15 minutes or until potato is just tender when tested with a fork. Add the tomatoes, garlic and basil to the broth (save 2 tablespoons of basil to use as garnish if you wish); continue to simmer until the basil is just soft (about 2 minutes). Blend soup using a stick blender until smooth.
- Optional: Pour the soup through a strainer or colander to remove any skins and thick tomato pieces, for a smoother soup.
- Sprinkle with extra basil, shaved parmesan cheese, and serve with cheesy garlic bread
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