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!
CABBAGE ROLL SOUP
THIS CABBAGE ROLL SOUP HAS ALL THE SAME FLAVORS AS CLASSIC BAKED CABBAGE ROLLS, BUT WITH WAY LESS WORK! THIS UNSTUFFED CABBAGE SOUP IS HEARTY, FILLING AND THE PERFECT CHOICE FOR AN EASY DINNER OPTION.
There is so much going on here, between the meat, veggies and rice, that it’s really a complete meal in one pot. I do often serve this cabbage roll soup with a side of crusty bread or a green salad, just to round out the meal. Even my kids love this one, they didn’t even mind the cabbage pieces which normally they might not eat.
I often make a double batch of this soup just so we have leftovers to eat for a few days, that’s how good it is! It’s absolutely perfect for a cold night, and the quick prep time makes it ideal for a busy weeknight.
This cabbage roll soup has all the same flavors as classic baked cabbage rolls, but with way less work! This unstuffed cabbage soup is hearty, filling and the perfect choice for an easy dinner option.
Ingredients
- 2 teaspoons olive oil
- salt and pepper to taste
- 1 pound ground beef I use 90% lean
- 1 onion finely diced
- 2 teaspoons minced garlic
- 4 cups coarsely chopped green cabbage
- 2 carrots peeled, quartered and sliced
- 4 cups beef broth
- 3 8 ounce cans tomato sauce
- 1/2 cup uncooked long grain rice
- 1 bay leaf
- 3 tablespoons brown sugar
- 2 tablespoons parsley
Instructions
- Heat the olive oil in a large pot over medium high heat. Add the ground beef and season with salt and pepper to taste.
- Cook, breaking up the meat with a spatula, until beef is browned, approximately 4-5 minutes. Add the onion and garlic cook for 2-3 minutes.
- Add the cabbage, carrots, beef broth, tomato sauce, rice, bay leaf and brown sugar to the pot. Season with salt and pepper to taste.
- Bring to a simmer and cook for 25 minutes or until rice is tender. Remove bay leaf and discard.
- Sprinkle with parsley and serve.
Recipe Notes
Recipe adapted from The Wholesome Dish.
Not a fan of ground beef? Try ground turkey instead!
You can substitute brown rice for white rice, but that will require about 20 more minutes of cook time.
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