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!
Gluten-Free Vegan Cauliflower Hash Browns
Oh yes! These healthy Gluten-Free Vegan Cauliflower Hash Browns are crisp on the outside and moist on the inside, so irresistible!
Are you watching your weight and looking for low-carb healthy options? Well, this delicious Gluten-Free Vegan Cauliflower Hash Browns recipe is perfect for you! You can also try my Broccoli Fritters.
As much as I like Trader Joes Hash Brown Patties, my recipe is so much healthier and lower in calories. I use fresh ingredients and I also get to control what ingredients I put in them.
One good thing is I read that, Trader Joe's products do not contain genetically modified ingredients so they are a great option as a backup plan.
My hubby and son Daevyd loved my Gluten-Free Vegan Cauliflower Hash Browns so much that I'm making another batch for supper. I will serve it with homemade sugar-free ketchup, scrambled tofu and Guacamole (Yummy, I know right!).
Ingredients
- For: 6 patties
- 1/2 head of cauliflower, break into florets
- 1 tablespoon coconut oil, or more for frying
- 1/2 onion, chopped
- 1/4 cup besan flour, or chickpea flour
- 1 tablespoon arrowroot starch, or cornstarch
- 1/2 teaspoon garlic powder
- 1/2 teaspoon salt
- 2 tablespoons water, (optional)
Instructions
- Preheat oven 400 degrees F. Lightly spray a baking sheet with oil, set aside. Process cauliflower and onion in a food processor or grate with a box grater until crumbly.
- Transfer riced cauliflower mixture into a large bowl.
- Add besan flour/chickpea flour, arrowroot starch, garlic powder, salt, water and stir to combine.
- Divide batter into 6 equal portions, shape into patties, about 3 x 2 inches.
- Place patties on baking sheet and bake for 40 minutes, turning halfway or heat oil in a large skillet over medium-high heat. Add about 2 or 3 patties and cook for 4-5 minutes on one side. Flip patties and cook for about another 4-5 minutes or until golden brown. Repeat with remaining batter until finished.
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