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!
GARLIC PARMESAN KALE PASTA
The first time I made this Garlic Parmesan Kale Pasta I chose to use whole wheat pasta because I felt like the nutty whole wheat flavor would go really great with kale’s earthiness. Whole wheat pasta with kale may sound like the most boring, torturous diet meal of all time, but when you lace them with garlic, parmesan, and a little butter, they take on a whole new personality. Add a pinch of crushed red pepper flakes if you’re feeling sassy and it’s like pasta heaven. Sometimes whole wheat angel hair is hard to find, though, in which case you can just use regular. Either way, I do suggest using angel hair pasta rather than other shapes because I find that the thin texture really balances the mouthfeel of the dish.
This Garlic Parmesan Kale Pasta recipe makes four side dish sized servings, but you can bulk it up and make it a meal by adding a chopped hard boiled egg (or topping with a fried egg, like I did), adding some chopped fresh tomatoes (or sun dried), or even crumbling some bacon over top. This is just a starting point and it can go in about a million different directions. Have fun with it!
When you're in a hurry, this Garlic Parmesan Kale Pasta is a filling and flavorful meal. Few ingredients, BIG flavor.
INGREDIENTS
- 1 bunch 1/2 lb kale $1.69
- 1/2 lb angel hair pasta* $0.50
- 2 Tbsp olive oil $0.26
- 2 Tbsp butter $0.27
- 2 cloves garlic, minced $0.16
- 1/4 cup grated Parmesan $0.41
- Pinch salt and pepper $0.05
- Pinch red pepper flakes (optional) $
INSTRUCTIONS
- Pull the kale leaves from the woody stems and tear them into small 1 to 2-inch pieces. Rinse the torn kale well in a colander under cool, running water and allow it to drain.
- Bring a large pot of water to a boil. Break the pasta in half, add it to the boiling water, and cook until al dente (about 7 minutes). Drain the pasta in a colander.
- While the pasta is cooking, add the olive oil, butter, and minced garlic to another large pot or skillet. Cook over medium heat for 1-2 minutes, or until the garlic is soft and fragrant. Add the kale and continue to sauté until the kale has wilted and has turned a deep green color (about 5-7 minutes). Turn the heat off.
- Add the drained pasta to the pot with the sautéed kale. Toss the pasta and kale together. Allow them to cool to the point that steam is no longer rising from the pot. You want the pasta warm, but not hot enough to melt the Parmesan.
- Season the pasta and kale with salt and freshly cracked pepper to your liking. Add the grated Parmesan cheese and toss to coat. Add a pinch of red pepper flakes over top if desired.
RECIPE NOTES
*Whole wheat pasta goes very well with this dish.
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