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!
creamy cauliflower chowder (30 minute and gluten free)
creamy cauliflower chowder (30 minute and gluten free)
It’s simple – this creamy cauliflower chowder is everything in my life right now. Because I’m trying so hard to get rid of the holiday bloat that still seems to stick around. And this warm, comforting, creamy cauliflower chowder is my new happy place. When I can just get a bowl and watch Gilmore Girls all day.
Creamy Cauliflower Chowder is a healthy, easy, comfort food recipe and ready in under 30 minutes. It’s gluten free, low carb and keto friendly.
INGREDIENTS
- 1 tablespoon butter
- 1/2 cup diced Onion
- 5 Garlic Cloves (minced)
- 1/2 cup diced Carrots
- 1 Whole Head of Cauliflower (cut into small florets)
- 1 1/2 cups Vegetable Broth
- 1 teaspoon freshly ground Pepper
- 1/2 teaspoon dried Oregano
- 1/4 cup cream cheese
- Salt to taste
- Olive Oil and cooked bacon for topping
INSTRUCTIONS
- In a dutch oven or soup pot, heat butter and add onions and garlic. Saute for a few minutes till the onions are soft.
- Add carrots, cauliflower, vegetable broth, pepper, oregano and salt to the pot. Bring this to a boil, and slow the heat down to a simmer. Cook for 15 minutes or so till the cauliflower is tender.
- Switch off the flame and using a blender, blend the soup partly in the soup pot. If you don’t have a hand blender, pour half the soup into a blender and pulse a few tips till creamy.
- Switch the flame back on and add a cup of water or broth along with the cream cheese. Simmer for 5-10 minutes and switch off the flame. Feel free to thin the soup further if you like with some more broth or milk. Top with olive oil and bacon and serve hot.
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