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!
One Pot Spicy Thai Noodles
The original recipe called for shrimp, but really that or chicken would be lovely in this dish. Tofu would also be a great addition. I just wanted to whip this up as quickly as possible, so I left the meat out. Another great thing about this dish, is that you can really use any veggies you have on hand. Mushrooms and zucchini were great here, but carrots, peppers, onions, and squash would all be great. I’ve also made this recently with ZOODLES instead of noodles and also in Spaghetti Squash form!. It is TOTALLY delicious that way as well (and saves on carb calories!)
Ingredients
- 1 pound linguine
- 2 TBS olive oil , divided
- 2 large eggs , lightly beaten
- 1/2 tsp crushed red pepper flakes
- 1 zucchini , cut in half vertically, then sliced in half circles
- 8 ounces mushroom , chopped
- 3 cloves garlic , minced
- 2 TBS brown sugar
- 1/3 cup low sodium soy sauce
- 1.5 TBS Sriracha hot sauce (this is A LOT of spice, tone it down if you don't like spicy)
- 2 inches fresh ginger , grated
- 1 handful fresh cilantro , chopped
- 4 green onions , chopped
- 1/4 cup peanuts , chopped
Instructions
- In a large stock pot, fill halfway with water, salt, and bring to a boil. Add linguine and cook according to package directions. Drain and set aside.
- In a medium bowl combine brown sugar, soy sauce, sriracha, and ginger; whisk well to combine; set aside.
- Return large stock pot to stove, heat over medium heat, add 1 TBS olive oil. Add beaten eggs and red pepper flakes and stir to scramble the eggs. Once cooked, set aside with pasta.
- Return large stock pot to stove, heat remaining 1 TBS oil over medium heat. Add zucchini, mushrooms, and garlic. Saute over medium high heat for 5-6 minutes or until veggies are cooked through.
- Turn heat down to low, add pasta and eggs back to pot, then pour the sauce mixture over the top. Using a wooden spoon, stir well to coat pasta and vegetables with sauce. Remove from heat, add peanuts, green onions, and cilantro; stir to combine.
- Serve immediately.
Recipe Notes
Notes: Serve warm or cold - it's great both ways! If you want to add a protein, I suggest cooking it after the eggs and then setting aside. If you add shrimp, you can add that in towards the end, when there is about 2-3 minutes left with for the veggies to cook.
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