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!
EASY ROASTED TOMATO SOUP RECIPE
This Easy Roasted Tomato Soup is MUCH better than the can and couldn’t be simpler — perfect for fresh garden tomatoes and herbs! A healthy gluten-free and vegetarian meal with dairy free and vegan options.
So I thought I was going to garden for the first time last summer.
I bought a bunch of plants — random things that I’d never really had any desire to grow before — and I got some dirt (when you live in the sandy land like we do, this a thing you have to do), and I put them in it. I watered like crazy.
And would you believe that not much happened?
My peppers didn’t really grow any peppers. My melons only grew to be a few inches in diameter before the frost set in. I didn’t get any rhubarb from my rhubarb plant. I only got a couple of zucchini and a handful of peas from my plants.
What I did get? A whole whack of tomatoes. Black cherry tomatoes and Roma tomatoes and tomatoes and tomatoes and tomatoes.
This Easy Roasted Tomato Soup is MUCH better than the can and couldn't be simpler -- perfect for fresh garden tomatoes and herbs! A healthy gluten-free and vegetarian meal with dairy free and vegan options.
INGREDIENTS
- 3 lb Roma tomatoes (about 9 large)
- 1/2 small onion (or less, if you prefer, sliced)
- 1/4 cup olive oil
- 2 tablespoons minced garlic
- 1 teaspoon salt
- 1/4 teaspoon pepper
- 1 370ml can can evaporated milk, or cream, optional 1 2/3 cup
- 1/2 cup freshly grated Parmesan cheese optional (not really)
- 3 tablespoons fresh basil
- 2 tablespoons tomato paste
- 1 teaspoon sugar
- salt and pepper to taste
INSTRUCTIONS
- Preheat oven to 400 degrees F.
- Halve tomatoes and place cut side up with the onion on a rimmed baking sheet. Drizzle with oil and add garlic, salt and pepper. Stir to coat well.
- Roast for 40-50 minutes, just until starting to brown.
- Place in the blender and puree until smooth (you'll want to leave the lid cracked slightly so the steam can escape).
- Add milk, cheese, basil, tomato paste, and sugar and puree until smooth. Taste and adjust seasoning to your preference.
- Serve immediately with grilled cheese for dunking (obviously!).
RECIPE NOTES
Nutrition information is estimated and will vary depending on exact serving size, types and brands of products used.
This recipe also has 58% of your Vitamin A, 110% of your Vitamin C, and 35% of your Calcium needs.
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