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 BUTTERNUT SQUASH QUINOA SALAD
Fluffy quinoa gets a fall makeover! This Roasted Butternut Squash Quinoa Salad is full of every fall ingredient I could get my hands on.
I love cooking with quinoa. Not only is it good for you–being a complex carb and all–but I find that it’s much easier to prepare than regular long-grain rice. Here’s the sad truth: I had to invest in a rice cooker.
With quinoa, I don’t have to travel to the depths of the basement pantry to dig out my rice cooker. I just rinse it, toast it, and simmer until light and fluffy. It turns out great every. single. time. Good-bye rice. Hello, quinoa!
ROASTED BUTTERNUT SQUASH QUINOA SALAD RECIPE
Ingredients
- 1 small Butternut Squash, About 3 cups, cut into 1/2 inch cubes
- 4 tablespoons Olive Oil
- 1 cup Quinoa
- 2 cups Chicken Stock, Or vegetable stock
- 1/2 cup Dried Cranberries
- 1/3 cup Chopped Italian Parsley
- 1/3 cup Thinly Sliced Scallions
- 1/2 cup Roasted Salted Pumpkin Seeds
- 1/2 cup Feta Cheese
- 1/2 cup Fresh Pomegranate Seeds
- Salt and Pepper
- Pomegranate Molasses
Directions
- Preheat the oven to 375°F. Line a baking sheet with parchment paper.
- Place the butternut squash on the baking sheet. Drizzle with 2 tablespoons of olive oil and sprinkle with a generous pinch of salt and pepper. Roast for 25-30 minutes, stirring occasionally.
- Heat the remaining olive oil in a saucepan over medium heat. Add the quinoa to the pan and toast for 3-4 minutes, stirring often. Stir in the chicken or vegetable stock and a generous pinch of salt. Bring the mixture to a boil. Turn down the heat to low and cover the pan; cook for 15-20 minutes, or until the quinoa has absorbed all of the liquid. Take the pan off the heat and allow the quinoa to rest for 5 minutes covered. Fluff with a fork.
- Transfer the quinoa to a large serving bowl. Gently fold in butternut squash, cranberries, parsley, scallions, pumpkin seeds, feta cheese, and pomegranate seeds. Season with salt and pepper to taste. Drizzle the mixture with the pomegranate molasses.
Notes
- If you can’t find pomegranate molasses at your local grocery store, you can substitute balsamic glaze.
- If you’re not planning on serving the salad immediately, refrain from adding the molasses and transfer the mixture to an airtight container. The salad will stay fresh in the refrigerator for 2 days.
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