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!
Vegan Cannelloni
This vegan cannelloni recipe is a delicious soy-free dish to warm you up on a chilly evening. Roasted root vegetables are stuffed inside pasta tubes, smothered in a homemade romesco sauce and sprinkled with breadcrumbs for a crispy crust. This elegant dish uses the best of winter’s seasonal vegetables and makes a great vegan holiday dish.
This vegan cannelloni recipe is a delicious soy-free dish to warm you up on a chilly evening. Roasted root vegetables are stuffed inside pasta tubes, smothered in a homemade romesco sauce and sprinkled with breadcrumbs for a crispy crust.
Ingredients
- 6 medium-sized tomatoes
- 3 cloves of garlic, unpeeled
- ¾ cup (175 ml) olive oil, divided
- About 5 cups (875 grams) of mixed root vegetables – I used a small turnip, a parsnip, 2 carrots and a medium-sized sweet potato.
- 1 leek
- The leaves from a large sprig of rosemary, finely chopped
- 2 teaspoons salt, divided
- Pepper, to taste
- 1/3 cup (70 grams) raw almonds
- ½ cup (70 grams) raw hazelnuts
- 1/3 cup (80 ml) vegetable stock or water
- 20 cannelloni pasta sheets or tubes
- ½ cup (35 grams) bread crumbs
- Parsley, for garnish (optional)
Instructions
- Preheat the oven to 175°C (350°F). Cut a cross in the bottom of each tomato and place them bottom-side up in an oven-safe dish. Stick the garlic cloves in the crosses on the tomatoes and drizzle over 2 tablespoons of olive oil. Roast until the skin on the tomatoes is blackening on top – 45 minutes to an hour. Keep an eye on the garlic and remove them once they are soft and roasted.
- Meanwhile, peel and slice all your root vegetables and the leek into 1 cm (1/4 inch) cubes. Toss with 2 tablespoons of olive oil, 1 teaspoon of salt, pepper to taste and the chopped rosemary. Spread the veggies out over one or two sheet pans, without overcrowding, and roast until the vegetables are tender – 15 to 20 minutes.
- Toast the almonds and hazelnuts in a dry pan over medium heat.
- Once the tomatoes and garlic are roasted and cooled enough to handle, peel off the skin. Finely dice two of the tomatoes and add them to the roasted root vegetables. Place the remaining four tomatoes in a blender with the roasted garlic and puree. With the blender running, slowly drizzle in ½ cup (120 ml) of olive oil. Add the almonds and hazelnuts, 1 teaspoon salt and the stock or water. Blend into a pourable sauce – it’s okay if it’s still a bit chunky from the nuts. If it seems too thick, add a bit more stock or water.
- Prepare the cannelloni pasta sheets or tubes according to the package directions. Cover the bottom of a large oven-safe dish with a bit of the sauce to prevent your cannelloni from sticking. Taste your root vegetable filling and adjust the salt and pepper if necessary. It also helps to mash the vegetables a bit with a fork – it makes filling the cannelloni easier. Fill the pasta and arrange the cannelloni in your dish. Pour over the sauce, making sure that no pasta is exposed or else it will dry up in the oven. Sprinkle over the bread crumbs and bake for 15 to 20 minutes or until the breadcrumbs are toasted and the cannelloni are warmed through. Garnish with chopped parsley.
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