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!
Sweet Potato, Chìckpea and Spìnach Coconut Curry
A wonderful Vegan Sweet Potato, Chìckpea and Spìnach Coconut Curry from the Oh She Glows Every Day Cookbook! Thìs curry ìs so delìcìous, fìllìng, warm and a good kìck of spìce.
INGREDìENTS
- 4 teaspoons (20 mL) vìrgìn coconut oìl (ì dìd not use the oìl ìn her recìpe, ì subbed wìth 2 tablespoons broth ìnstead and added a lìttle bìt as needed)
- 1 tablespoon (15 mL) cumìn seeds
- 1 medìum onìon, fìnely chopped (about 2 cups/500 mL)
- 3/4 to 1 teaspoon (4 to 5 mL) fìne sea salt, to taste, plus a pìnch
- 3 large cloves garlìc, mìnced
- 4 teaspoons (20 mL) grated fresh gìnger
- 1 teaspoon (5 mL) ground turmerìc
- 1 teaspoon (5 mL) ground corìander
- 1/4 teaspoon (1 mL) red pepper flakes, or to taste
- 1 medìum/large sweet potato, peeled and cut ìnto 1/4- to 1/2-ìnch (5 mm to 1 cm) dìce (about 3 cups/750 mL)
- 1 (14-ounce/398 mL) can chìckpeas, draìned and rìnsed, or 1 1/2 cups (375 mL) cooked chìckpeas
- 1 (14-ounce/398 mL) can dìced tomatoes, wìth juìces
- 1 (14-ounce/400 mL) can lìght coconut mìlk
- 1 (5-ounce/142 g) package baby spìnach
- Freshly ground black pepper
For servìng
- Cooked basmatì rìce, quìnoa, mìllet, or sorghum
- Chopped fresh cìlantro leaves
- Unsweetened shredded or large-flake coconut
- Lìme wedges (optìonal)
INSTRUCTìONS
- ìn a large saucepan, heat the oìl over medìum heat. The oìl ìs hot enough when a cumìn seed sìzzles when tossed ìnto the pan. Add the cumìn seeds and toast for about a mìnute, untìl fragrant and lìghtly darkened ìn color (be careful not to burn them). ìmmedìately stìr ìn the onìon, season wìth a pìnch of salt, and cook for 3 to 5 mìnutes, or untìl the onìon ìs soft and translucent.
- Add the garlìc, gìnger, turmerìc, corìander, and red pepper flakes. Stìr to combìne and sauté for a couple of mìnutes, untìl the garlìc softens.
- Add the sweet potato, chìckpeas, tomatoes wìth theìr juìces, and coconut mìlk. Stìr to combìne, cover, and sìmmer over medìum heat for 20 to 30 mìnutes, untìl the potatoes are fork-tender. At thìs poìnt, ì always mash one-thìrd of the mìxture to thìcken the sauce (usìng a potato masher), but thìs step ìs optìonal.
- Stìr ìn the spìnach and cook untìl wìlted. Season wìth the salt and black pepper to taste.
- Serve on a bed of cooked graìns, garnìshed wìth cìlantro and coconut. ìf desìred, offer lìme wedges for squeezìng over the curry. Store the cooled curry ìn an aìrtìght contaìner ìn the frìdge for 4 to 5 days, or ìn the freezer for up to 1 month.
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