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!
ROASTED VEGGIE & QUINOA SALAD WITH TAHINI GARLIC DRESSING
A super delicious salad with roasted vegetables, quinoa, lentils, kale & a creamy tahini dressing.
INGREDIENTS
- 1 tbsp olive oil
- 1 butternut squash (or 2 medium sweet potatoes) cubed
- 1 large head of cauliflower cut into small florets
- 1 tsp ground cumin
- 1 tsp ground turmeric
- A pinch of salt and pepper, to taste
- 250g cooked quinoa*
- 250g cooked puy lentils*
- 150g kale (chopped with stalks removed)
- 1 medium radicchio (or 1/2 small red cabbage) chopped
- TAHINI & GARLIC DRESSING
- 4 tbsp tahini
- 1 tbsp balsamic vinegar
- 4 tbsp boiled water
- 1/2 tsp garlic powder
- (optional) 2 tbsp nutritional yeast
- (optional) 1 tsp miso paste
INSTRUCTIONS
- TO MAKE THE SALAD
- Preheat the oven to 180C / 350F and add the olive oil to a large roasting tray.
- Add the squash or sweet potato and toss in the oil. Roast for 10 minutes. Then add the cauliflower with the spices, salt and pepper. Roast for a further 20 minutes.
- Meanwhile, add the cooked quinoa and lentils to a large bowl and mix in the kale and radicchio leaves.
- Once the veg is cooked and cooled slightly, mix into the salad with the leaves, quinoa and lentils.
- TO MAKE THE DRESSING
- Simply mix everything together until smooth. Taste and add a pinch of salt and pepper, if needed. If it's too thick, stir in some more hot water.
- Pour over the salad and use your hands to rub it into the leaves and mix it in well.
- (optional) Top with a mixture of seeds, such as sunflower, chia and pumpkin seeds for added crunch and protein.
- Serve and enjoy! Can be kept in a container in the fridge for up to three days.
Nutrition Facts
Roasted Veggie & Quinoa Salad with Tahini Garlic Dressing
Amount Per Serving
Calories 285Calories from Fat 108
% Daily Value*
Total Fat 12g18%
Saturated Fat 2g10%
Polyunsaturated Fat 1g
Monounsaturated Fat 2g
Total Carbohydrates 34g11%
Dietary Fiber 8g32%
Sugars 6g
Protein 13g26%
* Percent Daily Values are based on a 2000 calorie diet.
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