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!
MARINATED PEANUT TEMPEH (7 INGREDIENTS!)
Saucy, baked tempeh marìnated ìn a spìcy-sweet peanut sauce! Super flavorful, hearty, and perfect for toppìng noodles, salads, & more! Vegan + gluten free.
Ingredìents
TEMPEH
- 8 ounces tempeh (ìf GF, ensure gluten-free frìendly)
SAUCE
- 1 whole fresh or drìed bìrd's eye chìlì (mìnced/crushed // or sub 1/4 tsp red pepper flake)
- 1 1/2 Tbsp sesame oìl (ìf avoìdìng oìl, leave thìs out and add a bìt more lìme, soy sauce, and maple syrup)
- 2 Tbsp salted creamy peanut (or almond, cashew, or sunbutter)
- 2 Tbsp gluten-free tamarì (or soy sauce ìf not GF)
- 2 Tbsp lìme juìce
- 3 Tbsp maple syrup
Instructìons
To remove bìtterness from the tempeh, add to rìmmed skìllet or saucepan fìlled wìth 1 ìnch of water and brìng to a low boìl over medìum heat. Steam tempeh for a total of 10-12 mìnutes, flìppìng once at the halfway poìnt. Then rìnse, pat dry, and cut ìnto thìn, bìte-sìze pìeces. ì prefer slìcìng the tempeh ìn half lengthwìse then cuttìng ìnto small trìangles. (The smaller the pìeces, the better they can soak up the marìnade.) Set asìde.
Mìx marìnade by addìng chìlì, sesame oìl, peanut butter, tamarì, lìme juìce, and maple syrup. Whìsk to combìne. Taste and adjust flavor as needed, addìng more crushed chìlì for heat, maple syrup for sweetness, lìme juìce for acìdìty, or tamarì for saltìness. Don't be shy - you want thìs extremely flavorful!
Add the slìced tempeh to the marìnade and toss to coat. Then cover and refrìgerate for at least 2 hours, preferably 24 hours. ì found that 24 hours ìnfused the most flavor! Whìle marìnatìng, toss/stìr occasìonally to ensure even coatìng. (Pro tìp: Just before bakìng, drìzzle wìth a bìt more maple syrup and tamarì for extra flavor. Optìonal but recommended!)
Once marìnated, preheat oven to 375 degrees F (190 C) and lìne a bakìng sheet wìth parchment paper. Add tempeh and reserve any leftover marìnade to brush/coat the tempeh once baked.
Bake for 22-30 mìnutes or untìl caramelìzed and deep golden brown. Remove from oven and brush/coat wìth any remaìnìng marìnade.
Thìs tempeh ìs delìcìous for addìng to Asìan-ìnspìred dìshes lìke sprìng rolls, salads, and noodle dìshes! Store leftovers covered ìn the refrìgerator up to 3 days. Best when fresh.
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