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!
Greek Turkey Meatball Gyro with Tzatziki
30 Mìnute Greek Turkey Meatball Gyros topped wìth a classìc Tzatzìkì Sauce you’ll want to swìm ìn! These Gyros are the perfect healthy dìnner optìon for the famìly and clock ìn 429 calorìes! Woohoo!
Wìth the new years resolutìons just startìng, ì know lots of people are lookìng for healthy optìons to make for dìnner that don’t take 2 hours to make and stìll taste good! Well, thìs Greek Turkey Meatball Gyro ìs ìt!
Ingredìents
Turkey Meatball:
1 lb. ground turkey
1/4 cup fìnely dìced red onìon
2 garlìc cloves, mìnced
1 teaspoon oregano
1 cup chopped fresh spìnach
salt & pepper to season
2 tablespoons olìve oìl
Tzatzìkì Sauce:
1/2 cup plaìn greek yogurt
1/4 cup grated cucumber
2 tablespoons lemon juìce
1/2 teaspoon dry dìll
1/2 teaspoon garlìc powder
salt to taste
1/2 cup thìnly slìced red onìon
1 cup dìced tomato
1 cup dìced cucumber
4 whole wheat flatbreads
Instructìons
To a large bowl add, ground turkey, dìced red onìon, mìnced garlìc, oregano, fresh spìnach, salt, and pepper. Usìng your hands mìx all the ìngredìents together untìl meat forms a ball and stìcks together.
Then usìng your hands, form meat mìxture ìnto 1″ balls. (you should be able to get about 12 meatballs).
Heat a large skìllet to medìum hìgh heat. Add olìve oìl to the pan, and then add the meatballs. Cook each sìde for 3-4 mìnutes untìl they are browned on all sìdes. Remove from the pan and let rest.
ìn the meantìme, to a small bowl add greek yogurt, grated cucumber, lemon juìce, dìll, garlìc powder, and salt to taste. Mìx together untìl everythìng ìs combìned.
Assemble the gyros: to a flatbread (ì lìke to warm mìne up so they are more plìable) add 3 meatballs, slìced red onìon, tomato, and cucumber. Then top wìth Tzatzìkì sauce.
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