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!
BEEFLESS BEEF STEW
When I was young I loved Dinty Moore Beef Stew. There was something about it that really clicked for me. Maybe it was the heartiness, or the vegetables, or the beef itself. Of course, as a vegan I’ll never have it again, but that didn’t stop me from making my own meat-free version.
Soups and stews have been on my mind lately, and I think this is one in a line of several recipes that have either already gone up on the site (New Mexico Green Chile Stew) or are forthcoming. My wife says the soups I make are her favorite recipes, and maybe that’s why I’m thinking about them more. But whatever the reason, they’re really fun to make (and photograph!), so look for more of them here as winter rolls on.
Keep warm this winter with a hearty cup of this Beefless Beef Stew. It's a vegan take on the traditional dish that's so good you'll never know it's meat-free.
INGREDIENTS
- ½ cup + 1 Tbsp. flour
- 1 tsp. salt
- ½ tsp. pepper
- 2 bags Gardein Beefless Tips
- 2 Tbsp. + 1 tsp. oil
- 1 large onion, chopped
- ¼ cup red wine vinegar
- 6 cups vegetable broth
- 2 bay leaves
- 3 medium carrots, sliced
- 4 Yukon gold potatoes, diced
- 1 Tbsp. thyme
- 1 cup mushrooms, sliced
- 1 cup peas
INSTRUCTIONS
- Place ½ cup flour and salt and pepper into bowl. Stir to mix. Add Gardein Beefless Tips and toss to coat thoroughly.
- Heat 2 Tbsp. oil over low-medium heat in Dutch oven or soup pot and add ¼ of flour-coated beef tips. Cook until browned on all sides, about 5 minutes. Repeat with remaining beef tips and set aside.
- Add 1 tsp. oil to pan and heat; add onion and cook until softened and translucent, about 5 minutes. Set aside.
- Add vinegar to pan and cook over medium heat, scraping pan with a wooden spoon to loosen beef remains. Add broth, bay leaves, carrots, potatoes, thyme and 1 Tbsp. flour. Bring to a boil and reduce to a simmer. Return beefless tips and onions to pan.
- Cover and cook for about 10 minutes. Add mushrooms. Cook for 5 more minutes.
- Add peas and cook for 5 more minutes or until all vegetables are soft.
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