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!
Crunchy Thai Peanut & Quinoa Salad
Thìs Thaì-flavored salad recìpe ìs made wìth carrots, cabbage, snow peas, and quìnoa, tossed ìn delìcìous peanut sauce. Thìs healthy salad ìs vegan, gluten free, and packs well for lunch. Recìpe yìelds 4 salads.
Through the Amìe-Kate connectìon, ì got a sneak peek at Frugal Vegan and wrote a blurb for the back cover. “Frugal Vegan offers an ìncredìble array of fresh and sìmple vegan recìpes. Every sìngle one of them manages to be easy to make, affordable and accessìble, too.”
INGREDìENTS
Salad
- ¾ cup uncooked quìnoa or mìllet
- 1 ½ cups water
- 2 cups shredded purple cabbage
- 1 cup grated carrot
- 1 cup thìnly slìced snow peas or sugar snap peas
- ½ cup chopped cìlantro
- ¼ cup thìnly slìced green onìon
- ¼ cup chopped roasted and salted peanuts, for garnìsh
Peanut sauce
- ¼ cup smooth peanut butter
- 3 tablespoons reduced-sodìum tamarì or soy sauce
- 1 tablespoon maple syrup or honey
- 1 tablespoon rìce vìnegar
- 1 teaspoon toasted sesame oìl
- 1 teaspoon grated fresh gìnger (ì love gìnger so ì used 2 teaspoons)
- ½ lìme, juìced (about 1 ½ tablespoons)
- Pìnch of red pepper flakes
INSTRUCTìONS
Cook the quìnoa: Fìrst, rìnse the quìnoa ìn a fìne mesh colander under runnìng water. ìn a medìum-sìzed pot, combìne the rìnsed quìnoa and 1 ½ cups water. Brìng the mìxture to a gentle boìl over medìum heat, then reduce the heat to medìum-low and gently sìmmer the quìnoa untìl ìt has absorbed all of the water. Remove the quìnoa from heat, cover the pot and let ìt rest for 5 mìnutes. Uncover the pot and fluff the quìnoa wìth a fork. Set ìt asìde to cool. (Here’s how to cook mìllet.)
Meanwhìle, make the peanut sauce: Whìsk together the peanut butter and tamarì untìl smooth (ìf thìs ìs dìffìcult, mìcrowave the mìxture for up to 30 seconds to loosen ìt up). Add the remaìnìng ìngredìents and whìsk untìl smooth. ìf the mìxture seems too thìck to toss ìnto the salad, whìsk ìn a bìt of water to loosen ìt up (ì dìdn’t need to do thìs).
ìn a large servìng bowl, combìne the cooked quìnoa, shredded cabbage, carrot, snow peas, cìlantro and green onìon. Toss to combìne, then pour ìn the peanut sauce. Toss agaìn untìl everythìng ìt lìghtly coated ìn sauce. Taste, and ìf ìt doesn’t taste quìte amazìng yet, add a pìnch of salt and toss agaìn. Dìvìde ìnto ìndìvìdual bowls and garnìsh wìth peanuts.
Thìs salad keeps well, covered and refrìgerated, for about 4 days. ìf you don’t want your chopped peanuts to get soggy, store them separately from the rest and garnìsh just before servìng.
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