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!
COPYCAT IN-N-OUT VEGAN BURGER WITH SPREAD
One bite of this Copycat In-N-Out Vegan Burger with Spread will have anyone questioning its authenticity. The mayo-free spread paired with grilled onions even had me fooled. So beat that chemical burger craving with this healthier, cruelty-free option.
One bite of this Copycat In-N-Out Vegan Burger with Spread will have anyone questioning its authenticity. The mayo-free spread paired with grilled onions even had me fooled. So beat that chemical burger craving with this healthier, cruelty free option.
INGREDIENTS
- 4 black bean patties , or vegan burger of choice
- 4 organic buns
- 4 lettuce leaves
- Tomato slices
- 1 white or yellow onion, grilled
- Spread
- Spread Ingredients
- 1/2 cup organic raw cashews soaked 2 to 4 hours, drained and rinsed (For a speedy soak, boil about a cup of water, turn off the heat and add the cashews. Let soak for 10-15 min. Drain and rinse with cold water.)
- 1/2 scant cup almond milk
- 1-2 Tablespoon fresh organic lemon juice
- 1/2 teaspoon pink salt or sea salt
- 1/2 teaspoon onion powder
- 1/4 teaspoon garlic powder
- 3-4 Tablespoons organic ketchup (start with 3 Tablespoons of ketchup, if needed, add more to taste.)
- 2 Tablespoons organic relish
INSTRUCTIONS
- For the Spread
- I suggest prepping the spread first to give it time to chill in the fridge.
- Add your presoaked cashews along with the next 6 ingredients to a high speed blender or nutribullet. (leaving out the relish, that will be added after blending).
- Blend until smooth.
- Stir in the relish and place in the fridge to chill for 30 min.
- Taste and adjust ketchup and relish. If needed, add more almond milk to thin.
- For the Burgers
- Prepare and cook your patties according to their directions. For an authentic patty, add mustard to one side and place that side down on the pan. Spread mustard on the other side of the patty before flipping.
- While the patties are cooking, grill the onions (directions below) and prep the veggies: wash and prep the lettuce and slice the tomato.
- Preheat your oven to 400º. Then toast the buns by lining a baking sheet with parchment paper and place the buns cut side down. Toast for about 5 min or until browned to your liking.
- For the Grilled Onion
- Chop your onion into small pieces.
- Add about 1/4 teaspoon refined coconut oil to a pan or skillet along with the chopped onion.
- Grill over medium-high heat until browned and caramelized, about 10-15 min. Stir frequently and lower the heat if needed.
- Assemble
- Place your patty on the toasted bun. Add spread, lettuce, tomato and grilled onions. Serve with a side of thin cut, baked fries and of course extra spread.
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