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!
Baked Green Bean Fries with Balsamic Yogurt Dip
Baked Green Bean Fries are breaded in Parmesan and cooked until crispy. Dunk them in a Balsamic Yogurt Dip or eat them hot out of the oven. Either way, you’ll satisfy your need to crunch with this low-carb, gluten-free recipe.
While I would be hard-pressed to find anyone at our house happily munching on a cooked green bean as a snack, these “fries” are transformed into finger food. Put them out as an appetizer and you’re sure to make low-carb and keto dieters very, very happy.
Baked Green Bean Fries with Balsamic Yogurt Dip RecipeAmazing Baked Green Bean Fries breaded in Parmesan and cooked until crispy. Low-carb and gluten-free recipe that will satisfy the need to crunch!
IngredientsGreen Bean Fries- 1 pound green beans wash, dried and trimmed
- 1 Tablespoon olive oil
- 1/2 cup finely grated Parmesan cheese
- 1/4 teaspoon salt
- 1/4 teaspoon pepper
- 1/4 teaspoon paprika
Balsamic Yogurt Dip- 1/2 cup Greek yogurt 5.3 ounce container non-fat
- 1 1/2 Tablespoons balsamic vinegar
- 1/8 teaspoon garlic powder
InstructionsGreen Bean Fries- Preheat oven to 425 degrees F.
- Toss green beans with olive oil.
- In a separate bowl mix together Parmesan cheese, salt, pepper and paprika.
- Working in batches, lift green beans into the bowl with the Parmesan mixture and toss to coat.
- Transfer beans to a baking sheet lined with aluminum foil and coated with cooking spray. Beans should be in a single layer.
- Roast for approximately 12 minutes and then turn heat to broil and cook for about 2 minutes more. Beans will begin to brown in spots, but will not be charred or dark all over.
- Serve green bean fries hot from the oven and with dip, if desired
Balsamic Yogurt Dip- To make dip, add the ingredients to a bowl and thoroughly combine.
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