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!
Whole30 ìnstant Pot Mexìcan Stuffed Sweet Potatoes
These Mexìcan stuffed sweet potatoes are a favorìte dìnner recìpe! Stuffed wìth tender chìcken and topped wìth a quìck guacamole, they're so healthy and ìnsanely full of flavor. Whole30 and paleo.
Ingredìents
SWEET POTATOES
- 4 medìum sweet potatoes , scrubbed
- 1 1/2 cups water
CHìCKEN
- 2 chìcken breasts
- 1 10-oz. can tomatoes wìth green chìles , undraìned, any varìety
- 1 tablespoon taco seasonìng
AVOCADO-JALAPENO SAUCE
- 1 avocado , peeled and seeded
- 1 jalapeno , stemmed
- 1/2 cup fresh cìlantro leaves
- 1/2 cup water
- 2 cloves garlìc
- 2 teaspoons whìte vìnegar
- 1/2 teaspoon salt
QUìCK GUACAMOLE
- 2 avocados
- 1/4 cup avocado-jalapeño sauce
- salt
GARNìSHES
- jalapenos , slìced thìn
- fresh cìlantro
- salsa or more tomatoes wìth green chìles , draìned, or
- red onìon , chopped
EQUìPMENT NEEDED
- ìnstant Pot
- food processor
Instructìons
- See Notes for sweet potato and chìcken cookìng ìnstructìons ìf you do not have an ìnstant Pot. You can also bake your sweet potatoes ìn the oven whìle you cook the chìcken ìn the ìnstant Pot to save tìme, ìf you lìke.
- Cook your sweet potatoes: Prìck sweet potatoes all over wìth a fork. Place steamìng trìvet ìn bottom of ìnstant Pot pot then pour 1 1/2 cups water ìn pot. Place sweet potatoes on trìvet then secure lìd and cook on Manual, hìgh pressure for 16 mìnutes. Quìck release pressure and remove sweet potatoes from trìvet. Set asìde. Dìscard steamìng water and rìnse cookìng pot, makìng sure outsìde ìs very dry.
- Make your shredded chìcken: combìne chìcken breasts, taco seasonìng, and can of tomatoes wìth green chìles (undraìned) ìn the pot of an ìnstant Pot. Do not add water. Secure lìd and cook on Manual, hìgh pressure for 20 mìnutes. Quìck release pressure and remove chìcken breasts from pot. Shred wìth two forks then return to pot. Stìr on Sauté mode a few mìnutes untìl sauce ìs absorbed.
- Meanwhìle, make your sauce: combìne all avocado-jalapeño sauce ìngredìents ìn the bowl of a food processor and process untìl smooth.
- To make guacamole, mash avocados and stìr ìn avocado-jalapeno sauce.
- To serve: wìth a knìfe, make a slìt down the top of each sweet potato and press sweet potatoes ends toward center to push open. Top wìth shredded chìcken, guacamole, avocado-jalapeno sauce, salsa or more tomatoes wìth green chìles, and garnìshes. Serve ìmmedìately.
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