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!
WEIGHT LOSS WONDER SOUP
"No matter what diet you're on, this healthy wonder soup is perfect for a snack or even makes for an easy meal. The soup is vegetarian, gluten free, vegan, and paleo, yet still packs a great and will leave you feeling full."
This soup is intended to supplement a diet. The soup itself is not a diet.
So if you’re whipping up a batch of this soup, please remember that it’s only meant to be a snack or to replace one meal a day. You should still be following a diet that includes other foods that will help round out your daily nutrition intake.
Your diet should not consist of this soup alone.
For example, this soup was designed to be part of the GM Diet. The GM Diet has different food themes every day, and this soup is only meant to be something you can make in advance and serve whenever you’re feeling a little hungry. The soup is your “free food” for the week, but it’s not the only food you should be eating.
Ingredients
- 1/2 tsp olive oil optional
- 4 large onions finely chopped (6-8 coups)
- 2 green peppers diced (2-3 cups)
- 3 large tomatoes roughly chopped (3-4 cups)
- 1 bunch celery diced (3-4 cups)
- 1 small cabbage chopped (10-12 cups)
- 3 cup water or up to 5 cups for a more watery soup
Instructions
- Start off by cutting up all the vegetables and separating them into three large bowls: onion and green pepper in the first bowl, tomatoes and celery in the second bowl, and cabbage in the last bowl.
- In a large skillet, heat olive oil over medium-high heat. Add onions and green peppers to pan, tossing to coat. Sautee veggies until water has cooked out and onions begin to brown. The length of time this takes will depend on your cooking unit and the size of your pan, but for me, it took about 35 minutes. Turn the veggies every 3 to 5 minutes while cooking to prevent sticking and to check the color. Once cooked, remove pan from heat.
- In a 12 quart stockpot, add the cabbage and water. Next, add the tomatoes and celery. Finish by adding the cooked onions and green peppers on top. Ingredients will likely be to be brim of the pot - this is okay. Do not stir soup yet.
- Heat the soup over medium-high until water begins to boil. By this point, the veggies should have cooked down some, giving you room to stir. Once veggies are mixed, reduce heat so soup is simmering and cook for 50-60 minutes, stirring occasionally.
- If desired, serve soup immediately. Store excess soup in a sealed container in the refrigerator for up to 5 days.
recipe notes
Recipe adapted from GM Diet Works.
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