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!
ROASTED ASPARAGUS, TOMATO, & FETA COUSCOUS
Roasted asparagus, fresh cherry tomatoes, garlicky couscous, and feta cheese with a simple vinaigrette. A great Spring side dish!
A few notes for this recipe : - You can also roast the tomatoes with the asparagus if you are a fan of roasted tomatoes. Just add an extra tablespoon of olive oil and toss them on the same tray.
- I use a boxed and seasoned couscous mix because I love the flavor it adds to this salad, but feel free to use plain couscous in its place.
- The dressing is just a simple balsamic + olive oil dressing with a little dijon for thickness and honey for sweetness. I add in a little extra garlic because I add garlic to pretty much every single dressing (#obsessed), but if you don’t love garlic, it still tastes great without it!
- And the last thing: you can easily change out the cheese on top. We love feta, but goat cheese is another delicious topping with these ingredients. If you aren’t a fan of either, a little bit of freshly grated Parmesan would be delicious (just go light on adding salt to the rest of the salad as to avoid it being overly salty.)
Roasted Asparagus, Tomato, & Feta Couscous Recipe
Roasted asparagus, fresh cherry tomatoes, garlicky couscous, and feta cheese with a simple vinaigrette. A great Spring side dish!
Ingredients
- 1 bunch fresh asparagus
- Salt and pepper
- 1 fresh lemon
- 1 package (5.8 ounces) Roasted Garlic and Olive Oil Couscous (I buy the Near East mix, you can substitute 1 cup plain cooked couscous)
- 3 tablespoons balsamic vinegar
- 4 tablespoons olive oil, separated
- 1/2 teaspoon minced garlic
- 1 teaspoon dijon mustard
- 1/2 tablespoon honey
- 1/2 of 1 container (10.5 ounces) ripe cherry tomatoes, sliced
- 1/3 cup feta cheese, crumbled
Instructions
- Preheat the oven to 425 degrees F. Break off the woody ends of the asparagus. Toss the asparagus, 2 tablespoons olive oil, about 1 teaspoon salt, and 1/2 teaspoon pepper (or to taste) together on a large sheet pan.
- Bake in the oven for 12-17 minutes (depending on the asparagus thickness), flipping the spears once halfway into the cooking time. Remove and squeeze 1 tablespoon lemon juice over the spears. Allow to cool and chop into 2-inch pieces.
- Meanwhile, prepare the packaged couscous according to package directions. Allow to cool.
- While the asparagus is cooking, prepare the dressing. Pour the vinegar in a small saucepan over medium heat. Bring to a boil and reduce until the vinegar is halved (about 1 and 1/2 tablespoons). Allow to slightly cool and toss with the remaining 2 tablespoons olive oil, minced garlic, dijon mustard, and honey. Briskly whisk and season with salt and pepper (about 1/2 teaspoon salt and 1/4 teaspoon pepper, or to taste).
- Halve the cherry tomatoes.
- Add the cooled couscous, cooled chopped asparagus, and cherry tomatoes to a large bowl. Lightly toss. Add dressing to taste and another fresh squeeze of lemon if desired. Lightly toss again and then top with the crumbled feta cheese. Enjoy immediately.
- If you don't plan on eating all of the salad, only dress what you will eat (this salad doesn't sit well with the dressing for an extended time).
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