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!
VEGAN SWEET POTATO CURRY
VEGAN SWEET POTATO CURRY
This vegan sweet potato curry has got us pretty excited around these parts. The past week we’ve been testing it and then shooting it so we’ve been eating a lot of curry. And it’s been totally divine!
And it’s this delicious with remarkably little effort. In fact I’d say it’s downright easy to make this meal.
Serve the curry with some more fresh basil, crushed peanuts and either on its own or over some basmati rice, or if you’d like it a little lighter, then serve it over cauliflower rice.
We used coconut milk (the full fat version) for this vegan sweet potato curry, but you could use coconut cream if you wanted to make it even richer, or a light coconut milk if you wanted to make it lighter.
Vegan Sweet Potato Curry Recipe
Rich and satisfying vegan sweet potato curry. Hearty, comforting and insanely good, this vegan curry is really simple to make with very impressive results.
INGREDIENTS
- 1 Tbsp Olive Oil
- 1 Onion (Chopped)
- 1 tsp Crushed Garlic
- 1 tsp Minced Ginger
- 1 Tbsp Red Curry Paste*
- 1/4 tsp Cayenne Pepper
- 1 tsp Paprika
- 1 tsp Turmeric
- 4 Large Sweet Potatoes (~2.6lb/1200g) – (Peeled and Chopped)
- 1 15oz (425g) Can Lentils (Drained)
- 1 15oz (425g) Can Chopped Tomato
- 1/2 cup (120ml) Vegetable Stock
- 1 14oz (400ml) Can Coconut Milk*
- 1/4 cup (63g) Peanut Butter
- 2 cups (40g) Fresh Basil
- 2 Tbsp Coconut Sugar (or Brown Sugar)
- Sea Salt and Black Pepper (To Taste)
For Serving:
- Basmati Rice or Cauliflower Rice
- Fresh Basil
- Crushed Peanuts
INSTRUCTIONS
- Add the olive oil to a pot along with the chopped onion, garlic, ginger and red curry paste, cayenne pepper, paprika and turmeric and sauté until the onions are softened.
- Add in the chopped sweet potatoes and lentils and toss to mix in with the spices.
- Add in the chopped tomatoes, vegetable stock and coconut milk and bring to the boil. Cover the pot and let it simmer until the sweet potatoes are fork tender (around 10-12 minutes).
- Add in the peanut butter and stir in until melted.
- Add in the fresh basil and stir in until wilted.
- Add the coconut sugar or brown sugar and salt and pepper to taste.
- Serve over basmati rice or cauliflower rice and top with some crushed peanuts and fresh basil.
