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!
6 WHOLE30 SAUCES THAT AREN’T MAYO
6 Whole30 Sauces that Aren’t Mayo that you need in your life! From chimichurri, to creamy lemon garlic, avocado lime, and more, these sauces will add a boost of flavor to meal prep or any Whole30, vegan, paleo, and gluten free meal!
Ingredients
- Spicy Chimichurri Sauce
- 1 jalapeño, stem removed (deseed if you don't want it as spicy)
- 1/2 cup olive oil
- 1 cup cilantro
- 1 cup parsley
- 1 shallot
- 2 cloves garlic
- 1 tablespoon lime juice
- salt and pepper, to taste
- Cashew Curry Sauce
- 1/2 cup raw cashews, soaked*
- 1 1/2 tablespoons red curry paste
- 1 tablespoon coconut aminos
- 2 tablespoons lime juice
- 1/2 teaspoon garlic powder
- 1/2 teaspoon red pepper flakes
- 1/2 teaspoon ground ginger
- 1/4 cup water
- salt, to taste
- Creamy Lemon Garlic Sauce
- 1/2 cup raw cashews, soaked*
- 2 tablespoons lemon juice
- 1 tablespoon olive oil
- 1 head roasted garlic**
- 1/4 cup + 2 tablespoons water
- salt, to taste
- Cheesy Buffalo Sauce
- 1/2 cup raw cashews, soaked*
- 1/4 cup + 2 tablespoons water
- 3 tablespoons hot sauce
- 1 1/2 tablespoons nutritional yeast
- salt, to taste
- Classic Tahini Sauce
- 3 1/2 tablespoons tahini
- 3 tablespoons coconut aminos
- 1 1/2 tablespoons lemon juice
- 1/2 teaspoon garlic powder
- 1/2 teaspoon ground ginger
- 1/4 teaspoon cinnamon
- 2 tablespoons water, for thinning (use more if you like)
- salt, to taste
- Avocado Lime Sauce
- 2 medium avocados (200 grams)
- 1/2 cup cilantro
- 1/4 cup lime juice
Instructions
- For all the sauces, except the tahini:
- Place in a high powered Vitamix or blender and blend until smooth.
- For tahini sauce:
- All all ingredients to a small bowl and whisk until combined.
- All sauces should last about a week or more in the fridge!
Recipe Notes
*Place cashews in a bowl. Cover with water. Let soak for at least 30 minutes or overnight (30 minutes if you are in a pinch).
**I roasted my garlic ahead of time. To roast garlic, preheat oven to 375 degrees Fahrenheit. Peel the outer layers of the garlic skin off leaving the cloves still attached and chop off the top of the bulb. Place in aluminum foil and drizzle ½ teaspoon olive oil over the exposed surface of the garlic, letting the oil sink down into the cloves. Wrap the garlic in aluminum foil and roast in the oven for 40 minutes.
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