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!
spicy chicken and sweet potato meal prep magic
Spicy Chicken and Sweet Potato Meal Prep Magic! 3 big sheet pans + 45 minutes = healthy meals for a week!
This “recipe” is less of specific recipe and more of a concept that we’ve been loving lately. Loving as in EATING IN OUR REAL LIFE. I didn’t make this for the blog – I made it for real life first. And now I love it so much that I want to share it on the blog. And that order feels refreshing.
INGREDIENTS
- 2 lbs. boneless skinless chicken breasts, cut into small pieces
- 3 tablespoons spicy seasoning mix*
- a few tablespoons of olive oil
- 3 sweet potatoes, peeled and diced
- 5-6 cups broccoli florets (broccolini FTW)
- coarse sea salt and freshly cracked pepper
- avocado / hummus / lemon juice / chives / olive oil for serving
INSTRUCTIONS
- Preheat the oven to 425 degrees. Toss the chicken pieces with the spices and a quick stream of olive oil. Stir to combine; store in the fridge for about 30 minutes while you prep other ingredients.
- Arrange the vegetables on their own sheet pans (preferably ones with edges to catch drips, etc.). Drizzle with olive oil and sprinkle generously with salt. Arrange the chicken on a separate sheet pan.
- Bake all ingredients for 12-15 minutes. Remove the broccoli and chicken. Stir sweet potatoes and roast another 15 minutes or so.
- Done! Divide your servings out into containers and be happy you have meal starters ready for the week!
NOTES
- I am currently having a moment with this Cajun seasoning mix – it’s a super versatile mix of garlic, salt, onion, paprika, oregano, white pepper, and red pepper, and just the right amount of spicy for us. It would be really easy to make yourself, too, like so. But really, any spice mix you like could work here. The only guidelines I’d give would be to adjust based on salt and spiciness. So if your mix doesn’t have salt in it, add plenty of salt yourself, and if it’s not spicy enough, add a little cayenne.
- Also – any vegetables will work here! This is the combo we’re currently loving, but asparagus has treated us well as have kalettes, brussels, and carrots.
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