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!
LENTIL SOUP
LENTIL SOUP
Don’t settle for a bland Lentil Soup. Make it right and you’ll have everyone begging for seconds….and thirds! All it takes is a hint of spice flavourings, bay leaves and finishing it off with a touch of lemon. It makes all the difference!
Lentil Soup
Prep 10 mins
Cook 45 mins
Total 55 mins
Course: Mains, Soup
Servings: 6
Calories: 341 kcal
Author: Nagi@RecipeTin Eats
Ingredients
- 2 tbsp olive oil
- 1 onion, chopped (white, brown, yellow)
- 2 garlic cloves, minced
- 1 large carrot, chopped (about 1 1/4 cups)
- 2 celery ribs, chopped (about 1 1/4 cups)
- 2 cups / 400g dried lentils, green (or brown), rinsed and drained
- 400g / 14 oz crushed tomato
- 1.5 litres / 1.5 quarts / 6 cups vegetable or chicken stock / broth
- 1/2 tsp each cumin and coriander powder
- 1 1/2 tsp paprika powder
- 2 dried bay leaves
- 1 lemon (zest + juice)
- Salt and pepper
To Serve
- Chopped fresh parsley, for garnish
- Warm bread, to serve
Instructions
- Heat oil in a large pot over medium heat. Add garlic and onion, cook for 2 minutes.
- Add celery and carrot. Cook for 7 - 10 minutes or until softened and the onion is sweet. Don't rush this step, it is key to the flavour base of the soup.
- Add all remaining ingredients except the lemon and salt. Stir.
- Increase heat and bring to simmer. Scoop scum on the surface off and discard (do this again during cooking if required). Place lid on and turn heat down to medium low. Simmer for 35 - 40 minutes or until lentils are soft.
- Thicken Soup: Using a stick blender, do 2 or 3 quick whizzes to thicken the soup (see video below). Or transfer 2 cups to a blender, let it cool slightly, then hold lid with tea towel and blend then transfer back into pot.
- Add a touch of water if you want to adjust soup consistency. Season to taste with salt and pepper. Grate over the zest of the lemon then add a squeeze of lemon juice just before serving. Garnish with parsley if desired and serve with warm crusty bread slathered liberally with butter!
Notes
1. I really urge you to make this with dried lentils if you can. Better texture and flavour compared to canned. However, to make this with canned, use 2 x 400g/14oz cans of lentils (drained and rinsed) and reduce the broth by 1 cup. Simmer liquid for 20 minutes before adding the lentils then cook with lentils for another 15 minutes (don’t want to cook canned lentils for too longer otherwise they will turn into mush).
2. This freezes extremely well!
3. Nutrition per serving.
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