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!
MUSHROOM STROGANOFF RECIPE
No more bland mushroom pasta! This incredibly delicious Mushroom Stroganoff recipe packs a serious flavorful punch. It’s so creamy and satisfying.
I will sharing with you my twist on a classic Beef Stroganoff. Since I’m little bit of a mushroom fanatic, I tweaked the original recipe and replaced beef with mushrooms. I’ve also threw in several unexpected ingredient that intensified the taste of mushrooms even more. Let’s face it, mushrooms can taste bland.
It’s not going to happen with this recipe. My Mushroom Stroganoff is full of flavor. A little bit smokey, a little bit tangy and surprisingly easy to prepare!
MUSHROOM STROGANOFF RECIPE (SO CREAMY!) 
INGREDIENTS- 12 ounces portobello mushrooms, thinly sliced
- 2 garlic cloves, minced
- 1 small onion, finely minced
- 1 tablespoon butter
- 1 tablespoon flour
- 1 cup vegetable or chicken broth
- 1 teaspoon Dijon mustard
- ¾ teaspoon smoked paprika
- 4 tablespoons Creme Fraiche (or equal parts of sour cream and heavy cream)
- ½ teaspoon salt
- ¼ teaspoon pepper
- 8 ounces uncooked pasta (spaghetti or any other type)
- handful of parsley, chopped
INSTRUCTIONS- Bring a large pot of salted water to a boil and cook pasta al dente or until cooked.
- While pasta is cooking, melt butter in a medium skillet and over medium heat. Add onions and cook for 5 minutes.
- Add mushrooms and cook until all water evaporates and mushrooms are slightly browned, about 7 minutes. Stir in garlic and cook for 1 more minute.
- Meanwhile, in a tall cup, mix flour, mustard, smoked paprika, salt and pepper. Add broth and whisk until no lumps remain. Pour the mixture into the mushrooms and cook until thickens, about 2 minutes. Stir in Creme Fraiche.
- Transfer cooked pasta to the mushroom sauce, stir to combine the ingredients and if necessary, add some pasta water to thin out the sauce.
- Serve immediately with a sprinkling of parsley. a little bit tangy and surprisingly easy to prepare!
Recipe Adapted :
MUSHROOM STROGANOFF RECIPE (SO CREAMY!) @ lavenderandmacarons
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