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!
Quinoa Avocado Spinach Power Salad
Quinoa Avocado Spinach Power Salad
Easy Quinoa Power Salad with creamy avocado! One of our all-time favorite salads that's full of energizing, plant-based goodness. Vegan, gluten-free, oil-free.
POW! Nutritional punch! Quinoa, spinach, and sweet cherry tomatoes join forces with bites of creamy avocado to bring it all together. I find this salad to be a perfect marriage of filling and energizing. I'm fascinated with the fact that it's so simple, yet the flavors seem complex as you eat it. Have fun playing around with different variations! Add some beans for an extra protein punch, change up the veggies, or use fresh lemon/lime juice in the dressing instead of red wine vinegar. I don't often stray too far from this version because my husband raves about how much he loves it. Our new favorite quinoa dish! Not to mention it makes a rock star take-along cold lunch. Hope you love it too!
Come join The Garden Grazer on Instagram and share a photo if you make this. I love seeing what you guys cook up!
Vegan, gluten-free
Ingredients
- 1 cup dry quinoa
- 2 medium avocados
- 3 oz. baby spinach, more as desired
- 8 oz. cherry tomatoes
- 3 green onions (or finely diced red onion)
- 1-2 cloves garlic (I use 2)
- 2 Tbsp. red wine vinegar
- 1/8 tsp. salt
Directions
- Cook the quinoa according to package directions.*
- Meanwhile, roughly chop the spinach. Place in a large bowl.
- Mince garlic, and add to spinach.
- Slice the green onions, halve the cherry tomatoes, and dice the avocado.
- When quinoa is done cooking, add it to the large bowl with spinach and toss. (The heat from the quinoa will lightly wilt the spinach and mellow the garlic.)
- Add the green onions, tomatoes, red wine vinegar, and salt. Stir to combine.
- Add the avocado and lightly toss.
- Serve immediately or refrigerate to let flavors blend more.
*To cook quinoa, I use a ratio of about 1 cup quinoa to 1 1/2 cups water for fluffier quinoa.
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