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!
LOW CALORIE CHEESY BROCCOLI QUICHE
It’s actually not great. I mean, not the recipe. The recipe is great. The conspicuous lack of variety in my recent diet is what’s not great.
A behind the scenes note is that I just typed grate and not great which is poetic justice for the sheer tonnage of cheese I’ve consumed in the past week or so. But I digress.
This recipe is actually my go-to when I’m in charge of bringing a dish to a potluck because it’s so simple to throw together and, as a low carb vegetarian, I can then personally guarantee there will be at least one delicious offering I can actually eat.
The only drawback? Everyone at the potlucks I’ve brought this quiche to has loved it so much that there usually isn’t enough for me.
INGREDIENTS
- 6 ounces light mozzarella cheese, grated (see note below!)
- 2 pounds broccoli florets (I use frozen, but fresh works too)
- salt + pepper
- 3 cups egg whites
INSTRUCTIONS
- Preheat oven to 450°F. Line a 9x13 inch baking pan with aluminum foil or grease it well and set aside.
- Spray two large skillets with cooking spray (or add a bit of oil) and add one pound of broccoli florets to each of them. Cook over medium high heat, stirring occasionally, until the broccoli is tender and starting to brown. (I love using frozen broccoli here, but this will obviously take longer if you started with frozen broccoli instead of fresh.) Add salt and pepper and remove from heat.
- Add the broccoli to the prepared baking dish. Top with four ounces of shredded cheese. Pour the egg whites on top and then sprinkle the remaining two ounces of cheese on top. Bake in the oven at 450°F for 40-45 minutes, or until the quiche has thoroughly cooked and the top is golden. Slice into twelve pieces and devour.
NOTES
In terms of the cheese, I actually love using light string cheese. The measurement is conveniently done for you, you can't beat the calorie count, and Trader Joe's makes this awesome organic light string cheese, so it's pretty healthy. And it's also delicious. However, if you don't want to use string cheese for any reason (which I totally respect), then feel free to use six ounces of your shredded cheese of choice. Vegan cheese would also work beautifully here if dairy is an issue, but obviously this recipe is egg based and therefore not vegan. I love making vegan and recipes and almost all of my recipes are vegan friendly, so this is a rare exception! But it's so wonderful that, vegan or not, I had to share.
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