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!
CASHEW CAULIFLOWER
An easy and healthier version of the popular Chinese cashew chicken dish, using cauliflower instead of chicken. This dish is ready in less than 30 minutes!
I love recipes that include cashews, so it’s no surprise that I really enjoy cashew chicken. This is a homemade and healthier take on cashew chicken. The lightened up sauce is savory and flavorful. It’s thick enough to completely coat all the uneven edges of the cauliflower pieces and pairs very well with it as well.
An easy and healthier take on cashew chicken. Ready in less than 30 minutes.
INGREDIENTS:
- 1 tbsp olive oil or canola oil
- 1 small head of cauliflower, cut into bite-sized florets
- 1 red bell pepper, seeds and stem removed and cut into bite-sized squares
- 1 green bell pepper. seeds and stem removed and cut into bite-sized squares
- 1 cup unsalted whole cashews or cashew halves
- 2 green scallions, finely sliced
SAUCE
- 4 garlic cloves, minced
- 3 1/2 tbsp hoisin sauce
- 1 1/2 tbsp rice vinegar
- 1 1/2 tbsp low sodium soy sauce
- 1 tbsp light brown sugar
- 1 tsp sesame oil
- 4 tbsp water
- 2 tbsp water + 2 tsp cornstarch
DIRECTIONS:
- Add oil to a large skillet or wok. Bring to medium high heat. Add in cauliflower and bell peppers. Stir and cook until vegetables are tender but still crispy. Turn off heat. Drain any liquid from the pan.
- In a small saucepan, add all sauce ingredients except the 2 tbsp water + 2 tsp cornstarch. Bring sauce to a simmer and cook about 1-2 minutes, stirring occasionally, until sauce is slightly reduced and flavor of the garlic is infused into the sauce. Taste and adjust sauce as needed to suit personal preference.
- In a small bowl, add cornstarch into water. Use a small whisk or fork to stir until cornstarch is completely dissolved into the water. Pour into sauce. Stir immediately and mix it into the sauce to prevent cornstarch from clumping. Bring sauce to a simmer again and cook just until sauce is thickened. This should take less than a minute. Sauce should be able to coat the back of a spoon.
- Remove sauce from heat and pour into the cauliflower mixture. Add in cashews. Bring cauliflower pan to low heat and stir and toss until all the vegetables and cashews are evenly coated in sauce. Be careful not to have the heat too high as it will overcook your vegetables and it will also make your sauce watery. Once vegetables are evenly coated, dish out and garnish with scallions.
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