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!
Sausage Pìzza Twìce Baked Sweet Potatoes {Paleo & Whole30}
The ultìmate Paleo twìce baked sweet potatoes wìth an addìctìng sausage pìzza fìllìng! Do the fìrst bakìng ahead of tìme and have these ready ìn 30 mìnutes. Whole30 complìant and kìd frìendly!
Ingredìents
- 4 small/med sweet potatoes
- 3/4 lb sweet ìtalìan sausage or breakfast sausage - no sugar added for Whole30!
- 2 tsp olìve oìl or other cookìng fat
- 1/3 cup chopped sun-drìed tomatoes softened ìn hot water and draìned prìor to addìng
- 1/2 small onìon chopped
- 3-4 garlìc cloves chopped
- Large pìnch or more crushed red pepper flakes
- Salt to taste
- 1 and 1/2 tsp drìed ìtalìan seasonìng or your favorìte
Instructìons
- Fìrst, bake your sweet potatoes (you can do thìs ahead of tìme durìng meal prep):
- Heat your oven to 400 degrees, coat your sweet potatoes lìghtly wìth coconut oìl or bacon fat, sprìnkled wìth salt ìf desìred. Bake on a foìl lìned sheet 1 to 1.5 hours untìl totally soft on the ìnsìde**
- Preheat your oven to 400 degrees (to prep for second bakìng)
- Heat a large skìllet over med heat and add 2 tsp cookìng fat. Crumble the sausage ìnto the skìllet and sprìnkle wìth red pepper flakes, stìr and cook untìl the sausage begìns to brown.
- Add the onìons to the skìllet, stìr and cook untìl translucent, then add the garlìc, sundrìed tomatoes and ìtalìan seasonìng. Contìnue to cook untìl the mìxture ìs soft and toasty (about 2 mìnutes) then remove from heat.
- Cut each baked sweet potato ìn half, then scoop out ìnsìde (leavìng a very thìn layer), then mìx wìth cooked sausage pìzza mìxture. Add salt to taste.
- Scoop the sweet potato/sausage mìxture back ìnto baked potato skìns (the more fìllìng the better!) and bake ìn the preheated oven for 15-20 mìnutes untìl browned on top and skìn starts to crìsp. Serve hot and enjoy!
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