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!
The Best Chicken Soup You’ll Ever Eat
The BEST chicken soup you’ll ever eat is the best homemade nourishing healthy soup when you’re feeling under the weather. Packed with anti-inflammatory ingredients like ginger, turmeric, garlic. BEST SOUP EVER!
I’ve been a soup lover my entire life. Tony would tell you that it’s true because he’s the one stuck eating my delicious soup recipes that I bust out weekly.
This recipe came to me a few weeks ago after I came down with the WORST cold ever. I was on the verge of getting better, then all of a sudden I took a turn for the worst and spent an entire weekend sneezing, coughing and barely able to breathe. I know MANY of you have been struggling with cold and flu season this year too, so I thought why not make an epic chicken soup that you can come back to year after year?
The BEST chicken soup you'll ever eat is the best homemade nourishing healthy soup when you're feeling under the weather. Packed with anti-inflammatory ingredients like ginger, turmeric, garlic. BEST SOUP EVER!
INGREDIENTS
- 1 tablespoon avocado oil or olive oil
- 6 cloves of garlic, minced
- 1 yellow onion, diced
- 2 large carrots, thinly sliced
- 2 celery stalks, roughly chopped
- 1 tablespoon fresh grated ginger
- 1 tablespoon fresh grated turmeric (or 1 teaspoon ground turmeric)
- 6 cups low sodium chicken broth
- 1 pound boneless skinless chicken breast
- 1 teaspoon freshly chopped rosemary
- 1 teaspoon freshly chopped thyme, stems removed
- ½ teaspoon salt
- Freshly ground black pepper
- 1 cup pearl or Israeli couscous
- 2/3 cup frozen peas
INSTRUCTIONS
- Place a large dutch oven or pot over medium high heat and add in oil. Once oil is hot, add in garlic, onion, carrots and celery; cook for a few minutes until onion becomes translucent.
- Next add in grated ginger and grated turmeric. Saute for 30 seconds to let the spices cook a bit, then add in chicken broth, chicken breast, rosemary, thyme, salt and pepper.
- Bring soup to a boil, then stir in couscous. You’ll want the chicken to be covered by the broth so make sure you stir them down to the bottom. Reduce heat to medium low and simmer uncovered for 20-30 minutes or until chicken is fully cooked.
- Once chicken is cooked, remove with a slotted spoon and transfer to a cutting board to shred with two forks. Add chicken back to pot then stir in frozen peas. Taste and adjust seasonings if necessary.
NOTES
To make vegetarian or vegan: Use vegetarian broth and sub 1 can of chickpeas for chicken.
To make the soup gluten free: You could use a gluten free couscous if you can find it, or try quinoa! The cook time will remain the same.
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