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!
Turmeric Roasted Cauliflower
Turmeric Roasted Cauliflower
Turmeric Roasted Cauliflower Is An Easy Vegetable Side Dish That Goes Great With Any Meal. This Healthy Roasted Cauliflower Recipe Is Vegan, Gluten-Free, And So Delicious! We Make It At Least Once A Week!
Roasted vegetables are my favorite I might even like them more than cookies. I know, that is a BIG statement, but I eat roasted vegetables almost every single day. I crave them every day and love them every day. My day isn’t complete without roasted vegetables.
TUMERIC ROASTED CAULIFLOWER RECIPE
This easy roasted cauliflower is a fantastic side to pasta, meat, or seafood. It also makes a great healthy snack.
INGREDIENTS:
- 1 large head cauliflower (about 2 pounds)
- 4 medium garlic cloves
- 2 tablespoons extra-virgin olive oil
- 1 teaspoon cumin
- 1 teaspoon paprika
- 1/2 teaspoon turmeric
- 1/4 teaspoon red pepper flakes
- 1 teaspoon kosher salt
- 1/2 teaspoon ground black pepper
DIRECTIONS:
- Preheat oven to 450 degrees F.
- Chop the cauliflower into florets. Peel and mince the garlic.
- In a large bowl, mix the cauliflower and garlic with the olive oil, cumin, paprika, turmeric, red pepper flakes, salt, and black pepper.
- Line a large baking sheet with parchment paper or a silicone mat, then place the cauliflower in a single layer on the baking sheet. Roast for 25-35 minutes or until the cauliflower is tender and browned, stirring once. Serve immediately.
