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!
Thai Peanut Sweet Potato Noodles
Thai Peanut Sweet Potato Noodles
Tossed in a creamy, Thai-inspired peanut sauce, these sweet potato noodles are a savory, healthier alternative to pasta. Sprinkle with crunchy peanuts, roasted chickpeas, and fresh cilantro for a finishing touch.
We’ve done it. We’ve conquered the sweet potato noodle. In all of its healthy glory, we can now enjoy one of our favorite foods in NOODLE FORM. That means we’re getting loaded up with Vitamin A, Vitamin C, fiber, B vitamins, iron, and magnesium. Pasta? With a healthy resumé? I’m in. Are you in? Maybe you need a video to convince you?
Swap pasta for sweet potato noodles to gain vitamin A, vitamin C, and fiber – the creamy, Thai inspired peanut sauce is simple to create!
Ingredients
Pasta
- 5 cups spiralized sweet potatoes
- 2 Tablespoons vegetable broth
- 2 Tablespoons olive oil
- 1 teaspoon sea salt
Sauce
- 3 scallions, sliced
- 1 Tablespoon creamy peanut butter
- 1 Tablespoon lemongrass paste
- 4 cloves garlic, minced
- 1 can whole coconut milk
- 2 Tablespoons tamari
- 1 teaspoon grated ginger
- 4 Thai chiles (optional)
- chopped peanuts for garnish
- cilantro for garnish
Instructions
- Bring 2 tablespoons of oil to medium heat in a large skillet. Add sweet potatoes, 1 teaspoon of salt, and vegetable broth and toss to coat. Cook for 5 minutes, stirring occasionally.
- Remove the sweet potato noodles from the skillet – set them aside in a bowl.
- Add 2 tablespoons of oil to the skillet and return to medium heat. Toss scallions and garlic into the pan and saute for minutes.
- Add lemongrass paste, ginger, and thai chiles and continue to stir.
- Add peanut butter, tamari, and coconut milk and stir to combine. Cook the mixture for 10 minutes, stirring occasionally – the sauce will thicken in consistency.
- Return the sweet potato noodles to the sauce and toss them to coat thoroughly – tongs work best for this.
- Serve the noodles and garnish with chopped peanuts, cilantro, etc.
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