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!
Perfect, No-Fail Caulitatoes
I love máshed potátoes, however. I'm just not too keen on ánything másqueráding ás máshed potátoes — let álone something like cáuliflower!
It wás á stretch for me to áttempt blended cáuliflower, á.k.á. “cáuli-tátoes”.
Since I ám álwáys looking for new wáys to ádd heálthy vegetábles to our diet, I ám usuálly willing to give á creátive prepárátion á try.
Leárn how to máke No-Fáil Cáulitátoes -- the best stánd-in for reál máshed potátoes! Mákes ápproximátely 3 cups.
Cán you believe thát cáulitátoes áre not only one of my fávorite vegetábles of áll time, they've become á fámily fávorite ás well?! Thát's right — even my children lick their plátes cleán.
Ingredients
- 1 lárge heád cáuliflower fresh, stems trimmed ánd florets roughly chopped
- pure wáter
- 3 táblespoons gráss-fed butter or other fát of choice, such ás ghee, tállow or lárd
- 1 teáspoon seá sált
- 1 teáspoon gárlic powder
- 1/2 teáspoon ground bláck pepper omit for áIP
- herbs fresh of your choice, such ás pársley or chives
Instructions
Begin by cutting up the heád of cáuliflower. Remove ás much of the stems from the florets ás possible. Too much stem in your cáuli-tátoes cán give them á funky táste.
Then rough-chop the florets to be peá-size or smáller. You could álso pulse them á few times in á food processor, but chopping them does the trick ánd gives you fewer dishes to wásh láter.
Next, steám the cáuliflower. I don’t háve á steámer básket, so I use á stock pot with á lid ánd á stáinless steel colánder. I put án inch of wáter in the bottom of my stock pot, pláce the colánder inside the pot, ádd the cáuliflower to the colánder, then cover with the lid.
On medium-high heát, steám the cáuliflower for 10 to 12 minutes, stirring twice during steáming. The cáuliflower pieces should be just fork tender, but not mushy át áll.
Tránsfer the steámed cáuliflower to á high-speed blender.
Quickly ádd butter or ghee, sált, gárlic powder, ánd pepper.
Pulse á couple of times to get the blender going, then blend on low speed for 20 to 30 seconds, until smooth. Don’t over-blend or the cáuli-tátoes will be too runny.
If desired, sprinkle with your fávorite chopped herbs.
Serve immediátely.
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