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!
Whole30 Steak Bites with Sweet Potatoes and Peppers
Whole30 Steak Bites with Sweet Potatoes and Peppers
This recipe for Whole30 steak bites is packed with tons of flavor and huge pops of vitamins thanks to colorful sweet potatoes and bell peppers. It's an easy, approachable weeknight dinner recipe that's ready in under 45 minutes.
Course Dinner, Main Course
Cuisine American, Paleo, Whole30
Prep Time 15 minutes
Cook Time 30 minutes
Total Time 45 minutes
Servings 4
Calories 460 kcal
Author Danielle
Ingredients
- 1 large sweet potato (about 12 ounces) diced into 1" pieces
- 1 tsp sea or kosher salt
- 1 lb flat iron steak diced into 1" pieces
- 3 tbsp olive oil divided
- 2 cloves garlic minced
- 2 bell peppers seeded and diced into 1" pieces
- 4 green onions thinly sliced
- 2 tbsp coconut aminos
- 2 tsp cracked black pepper
- 2 tbsp fresh chopped cilantro
Instructions
- Place the diced sweet potatoes into a microwave safe bowl, then sprinkle with 1 teaspoon salt. Cover with a plate and microwave on high until just barely tender, 4-6 minutes. Stir once halfway through. The potatoes are ready when you can piece one with the tip of a knife and meet just a bit of resistance. Take care not to overcook at this stage or they'll turn out mushy later.
- Heat a 12” skillet over high heat. Add 2 tablespoons olive oil and heat until shimmering. Add the steak in a single layer. Cook, turning every two minutes, until the pieces are browned and the center is medium, about 10 minutes. Remove the steak from the skillet using a slotted spoon and set aside onto a plate.
- Add the third tablespoon olive oil to the skillet. Add the sweet potatoes, toss to coat in the fat and cook until browned, stirring occasionally, until browned, 3-4 minutes.
- Make a well in the center of the pan and add the garlic. Sautee, stirring occasionally, until fragrant, about 1 minute.
- Add the bell pepper and scallions and toss with the potatoes. Sautee, stirring occasionally, until the peppers are bite tender, 3-4 minutes.
- Add the steak and juices back to the pan along with the coconut aminos. Toss all ingredients and cook an additional 1- 2 minutes until the liquid has evaporated.
- Add the pepper and cilantro, toss, and remove from heat. Portion onto plates, top with additional fresh cilantro if desired, and serve immediately.
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