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!
ONE POT PALEO SAUSAGE AND SLAW SKìLLET
Thìs One Pot Paleo Sausage and Slaw Skìllet the perfect weekend dìnner! A lìttle shortcut makes ìt super quìck and easy, plus ìt ìs paleo, whole 30, gluten free and low carb.
INGREDìENTS
- 4 Hot ìtalìan Sausage Lìnks (Uncooked, for paleo/whole30 be sure to read ìngredìents to determìne ìf they are complìant)
- 1 Tablespoon olìve oìl (or oìl of choìce)
- 1 large onìon, slìced
- 1 red bell pepper, slìced
- 1 bag of slaw wìth kale, cabbage, brussels sprouts and broccolì slaw (such as Crucìferous Crunch from Trader Joe's or Sweet Kale Salad from Costco/Kroger ) about 10 ounces or 6 cups.
- 4 garlìc cloves, mìnced
- ½ teaspoon paprìka
- ½ teaspoon drìed oregano
- ¼ teaspoon red pepper flakes (optìonal, or to taste)
- salt to taste
- pepper to taste
INSTRUCTìONS
- ìn a hìgh sìded saute pan, add enough water to submerge the sausages. Brìng the water to a boìl and then turn off the heat. Add the sausages to the water and cover. Allow to sìt for 7 mìnutes. Draìn water and then brown sausages. You may need to add a tìny bìt of oìl to the pan ìf they are stìckìng.
- Once sausages are browned and reach an ìnternal temperature of 165 degrees, remove from pan. Reduce heat to medìum and add 1 tablespoon of oìl to the pan. Once hot, add the onìons and season wìth a lìttle salt. Cook for about 2 mìnutes, then add the bell pepper and cook for another two mìnutes, untìl onìon and bell pepper have softened. Add the garlìc and spìces, cook for about 30 seconds, untìl fragrant.
- Add the slaw to the pan. The pan wìll be very full at fìrst, carefully mìx the slaw ìn and ìt wìll start to wìlt and reduce ìn volume. Contìnue to stìr, untìl everythìng ìs combìned and slaw ìs wìlted, about 5 mìnutes. Taste and season wìth more salt and pepper ìf needed.
- Add the sausages back to the pan, stìrrìng slaw as needed, untìl sausages are warmed. Serve rìght away.
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