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!
CAULIFLOWER CRUSTED GRILLED CHEESE SANDWICHES
This is a great low carb solution that still allows you to enjoy a comforting grilled cheese sandwich. The bread is made out of cauliflower!
Yes, we’re still eating a ton of cauliflower at home. We also eat a lot of grilled cheese sandwiches, so this combines the best of both worlds.
INGREDIENTS:
- 1 medium head of cauliflower (raw), cut into small florets and stem removed
- 1 large egg
- 1/2 cup shredded Parmesan cheese
- 1 tsp Italian herb seasoning
- 2 thick slices of white cheddar cheese (you can also use shredded cheddar cheese)
DIRECTIONS:
1. Preheat oven to 450F. Place cauliflower into food processor and pulse until crumbs about half the size of a grain of rice.
2. Place cauliflower into large microwave safe bowl and microwave for 2 minutes. Your cauliflower should be soft and tender (and hot!). (If you don't want to use the microwave to dry out the cauliflower and prefer to steam and wring with a cloth to dry, check out my wringing instructions here.)
3. Stir cauliflower to mix up the bottom and top cauliflower. Place back into the microwave and cook for another 3 minutes. Remove and stir again so that all the cauliflower cooks evenly. Place back into microwave and cook for 5 minutes. At this point, you should see the cauliflower is starting to become more dry. Microwave for another 5 minutes. Cauliflower should still be slightly moist to the touch, but should look dry and clumped up (like photo above; similar to as if someone had chewed it up and spit it back out.) If you've made cauliflower pizza or breadsticks with the cloth wringing dry method, it should look the same.
4. Allow cauliflower to cool for a few minutes. Then add in egg and cheese. Stir to combine until smooth paste forms. Stir in seasoning. Divide dough into 4 equal parts. Place onto large baking sheet lined with parchment paper. Using your knuckles and fingers, shape into square bread slices about 1/3 inch thick. Bake cauliflower bread for about 15-18 minutes or until golden brown. Remove from oven and let cool a few minutes.
5. Using a good spatula, carefully slide cauliflower bread off of parchment paper. Now you are ready to assemble your sandwiches. You can do this a few different ways. You can either cook on the stove top as you would normally cook a grilled cheese. You can also place sandwiches into toaster oven and broil for several minutes (5-10) until cheese is completely melted and bread is toasty. If you don't own a toaster oven, you can also do this in the oven.
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