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!
VEGAN CORN CHOWDER
VEGAN CORN CHOWDER
Hearty and healthy veggie-packed vegan corn chowder. Blended up corn, potato, and coconut milk make the chowder base for this super delicious meal!
INGREDIENTS
- 4 ears corn shucked and steamed
- 2 large red potatoes peeled and chopped
- 3 tablespoons coconut oil or olive oil
- 1 large white onion
- 5 cloves large garlic minced
- 3 large carrots peeled and chopped
- 3 large stalks celery chopped
- 1 large red bell pepper cored and chopped
- 1-½ teaspoons sea salt
- 2 teaspoons Cajun seasoning
- ½ teaspoon paprika
- ¼ teaspoon ground cumin
- 2/3 cup full-fat canned coconut milk
- 2 cups water or vegetable broth
INSTRUCTIONS
- Place ears of corn into a large pot and fill with water. Cover the pot with a lid and place on the stove over high heat. Bring to a full boil and cook until corn is plump and juicy, about 5 to 8 minutes.
- Use tongs to remove corn from the boiling water and place on a cutting board.
- Chop one of the red potatoes in half and carefully place into the same pot of boiling water you used to cook the corn. Allow potato to cook until soft, about 10 to 15 minutes.
- While the potato is cooking, saute the rest of the vegetables. Add the coconut oil to a large pot, along with the other diced potato, chopped onion, garlic, carrots, celery, bell pepper, sea salt, Cajun seasoning, paprika, and cumin. Heat to medium-high and saute, stirring occasionally, until vegetables have softened, about 10 minutes.
- Use a knife to remove the corn kernels from all of the ears of corn. Place half of the kernels in a blender, along with the cooked potato. Add the coconut milk and water (or broth) to the blender, and blend until completely smooth. This may take two or three rounds of blending.
- Add the remaining corn kernels to the pot with the sauteed vegetables, and pour the blended corn/potato (chowder) mixture into the pot. Bring to a gentle boil and cook until potato has softened, about 10 to 20 minutes.
- Remove from heat and taste chowder. Add sea salt and Cajun seasoning as desired. Serve with chopped green onion.
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