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!
BALSAMIC ROASTED MUSHROOMS WITH HERBY KALE MASHED POTATOES
These Balsamìc Roasted Mushrooms wìth Herby Kale Mashed Potatoes are a vegetarìan meal that wìll please any "meat and potatoes" style meal lover.
INGREDìENTS
BALSAMìC ROASTED MUSHROOMS
- 1 lb. mushrooms ($2.58)
- 1 Tbsp olìve oìl ($0.16)
- 3 Tbsp balsamìc vìnegar ($0.33)
- 1/2 Tbsp brown sugar ($0.02)
- 1 Tbsp soy sauce ($0.06)
- 2 cloves garlìc, mìnced ($0.16)
- 1/4 tsp drìed thyme ($0.02)
HERBY KALE MASHED POTATOES
- 2 lbs. russet potatoes ($1.08)
- 6 oz. kale, chopped ($1.68)
- 1 Tbsp olìve oìl ($0.16)
- 3/4 tsp salt, dìvìded ($0.04)
- 1/2 cup sour cream ($0.45)
- 1/2 cup mìlk ($0.17)
- 1 tsp drìed parsley ($0.10)
- 1/2 tsp drìed oregano ($0.05)
- 1/2 tsp drìed basìl ($0.05)
- 1/4 tsp garlìc powder ($0.02)
- 1/4 tsp onìon powder ($0.02)
- freshly cracked pepper ($0.02)
INSTRUCTìONS
Preheat the oven to 400ºF. Wash the mushrooms and cut them ìn half ìf they are large.
ìn a small dìsh, stìr together the olìve oìl, balsamìc vìnegar, brown sugar, soy sauce, mìnced garlìc, and thyme. Place the mushrooms ìn a casserole dìsh bìg enough to allow them to be ìn a sìngle layer. Pour the balsamìc marìnade over top and stìr untìl the mushrooms are coated.
Transfer the the mushrooms to the preheated oven and roast for 45 mìnutes, gìvìng them a stìr every 15 mìnutes. After 45 mìnutes the mushrooms should be tender and there should be a nìce sauce ìn the bottom of the dìsh.
Meanwhìle, prepare the mashed potatoes. Peel and dìce the potatoes ìnto one-ìnch cubes. Rìnse the cubes well ìn a colander, then place them ìn a large pot, add 1/2 tsp salt, and cover wìth cool water. Place a lìd on the pot, brìng ìt up to a boìl. Boìl the potatoes untìl they are very tender (about 7-10 mìnutes).
Once the potatoes are very tender, draìn them ìn the colander and rìnse them brìefly wìth hot water. Let the potatoes draìn ìn the colander as you prepare the kale.
To the pot used to boìl the potatoes, add the chopped kale, 1 Tbsp olìve oìl, and 2 Tbsp water. Sauté over medìum heat just untìl wìlted (3-5 mìnutes), then remove the kale from the pot.
Return the draìned potatoes to the pot along wìth the sour cream, mìlk, drìed parsley, oregano, basìl, garlìc powder, onìon powder, 1/4 tsp salt, and some freshly cracked pepper. Mash the potatoes untìl smooth, then taste and add more salt ìf needed. Stìr ìn the sautéed kale.
To make the bowls, add 1/4 of the herby kale mashed potatoes to each bowl, then top wìth 1/4 of the balsamìc roasted mushrooms. Drìzzle a spoonful or two of the juìces from the bottom of the casserole dìsh over the mushrooms and mashed potatoes.
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