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!
10-Minute Garlic Parmesan Broccoli
Just 10 minutes to make this super-easy and truly tasty side dish – Garlic Parmesan Broccoli! It’s so addictively yummy you’ll be making this over and over again!
I am so excited to share this recipe with you all especially since this is Thanksgiving week and must-make easy side dishes for the big Thursday feast is the trend! So, when my good friend Donna Elick of Slow Roasted Italian released her amazing cookbook and I got my copy, the first dish I looked for was a yummy side dish I could make for Thanksgiving! Since my family love, love, and love broccoli, I had no second thoughts about this trying this dish!
Let me tell you emphatically that it did not disappoint. It was so delicious that hubby ate half the batch that I made. It was so tasty – buttery, garlicky and loaded with cheesy goodness from all that sprinkled parmesan!! I bet that even non-broccoli fans would enjoy this! Best of all, it took barely 10 minutes to make. How’s that for an easy dish that everyone can enjoy!!
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If you are after quick, easy and delicious recipes to try then you are in a for a treat as Donna’s latest book – THE SIMPLE KITCHEN has all that. I have followed Donna’s blog and FB page for several years now and have always loved her amazing dishes. If you wish to order your copy of her book, then click here. It would make such a lovely Christmas gift for the cook in your family!!
Just 10 minutes to make this super-easy and truly tasty side dish - Garlic Parmesan Broccoli! It's so addictively yummy you'll be making this over and over again!
Ingredients
- 2 tablespoons Butter, unsalted
- 4 cloves Garlic, thinly sliced
- 1/4 teaspoon Red Pepper flakes, crushed
- 1/4 cup water
- 1 pound Broccoli florets, cut into 1" pieces
- 1/2 cup Parmesan cheese, freshly shredded
- 1/2 teaspoon Salt
Instructions
- Melt the butter in a large skillet over medium-high heat, and then add the garlic and red pepper flakes. Cook until the garlic is golden and fragrant, about 1 minute, stirring occasionally.
- Add the water and broccoli florets to the pan and bring the water to a boil. Cover and cook until the broccoli is crisp-tender, about 3 minutes. Remove the cover and simmer until most of the liquid has evaporated, about 1 minute. Sprinkle the broccoli with the Parmesan cheese and salt. Stir to combine.
Recipe Notes
DONNA'S SIMPLE KITCHEN TIP: Save time and buy broccoli florets already trimmed in the produce section.
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