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 CAULIFLOWER AND CHICKPEA SOUP
This Roasted Cauliflower and Chickpea Soup is the perfect cozy dish to enjoy while being lazy on the couch (and watching other people be the opposite of lazy!). It’s very hearty, kind of nutty and has just the right amount of spice. And it tastes really creamy, even though there is only a half of cup of cream in the entire pot.
The garnishes really elevate this soup from snooze-worthy to spectacular. So definitely don’t skip them. Pureed soups shouldn’t really ever be served naked !
Roasted Cauliflower and Chickpea Soup
Serves about 6
Roasted Cauliflower and Chickpea Soup Recipe
IngredientsFor the Soup- 1 cauliflower head, cut into florets (about 4 cups total)
- 1 (15 ounce) can chickpeas, rinsed and drained
- 5 garlic cloves, peeled
- 4 tablespoons extra-virgin olive oil, divided
- 1 tsp. ground cumin
- 1/2 tsp. salt
- 1/8 tsp. paprika
- 2 medium Yukon gold potatoes, peeled and cubed (about 2 1/2 cups total)
- 1/4 tsp. black pepper
- 4 cups vegetable broth
- 1 cup water
- 1/2 cup heavy cream
For Garnish- Reserved roasted cauliflower mix
- Red pepper flakes
- Fresh thyme leaves
- Heavy cream
Instructions- Pre-heat your oven to 400 degrees. On a large rimmed baking sheet, toss the cauliflower florets, chickpeas and garlic cloves (just leave them whole) with 3 tablespoons of the olive oil and the cumin, salt and paprika. Roast in your pre-heated oven for 30 minutes, stirring once half way through. Remove from your oven and set aside. Reserve about 1/2 cup for the garnish.
- Meanwhile, heat the remaining 1 tablespoon of olive oil in a large pot over medium heat. Add the cubed potatoes and black pepper. Cook for about 2 minutes, stirring frequently. Add the vegetable broth and the water and increase the heat to bring the mixture to a boil. Once boiling, turn the heat down to maintain a simmer. Simmer, uncovered, until the potatoes are very soft, about 15-20 minutes. Remove the pot from the heat. Stir in the roasted cauliflower mix.
- Puree the soup using an immersion blender. Alternatively, you can use a food processor or blender, working in batches if necessary and being careful when transferring and blending hot liquids. Return the pureed soup to the stovetop and gently re-warm it. Stir in the heavy cream. Season to taste with salt and pepper.
- To serve, ladle the soup into bowls and top with the reserved roasted cauliflower mix, red pepper flakes, fresh thyme leaves and a drizzle of heavy cream, if desired. Enjoy immediately.
- Leftovers can be stored in an airtight container in your refrigerator for 2-3 days.
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