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!
Slow Cooker Broccoli Cheese Soup
Cooker Broccoli Cheese Soup – Calling all Panera broccoli cheese soup lovers! I’m popping in with a healthy recipe for an easy Slow Cooker Broccoli Cheese Soup that takes less than 10 minutes to prep. This slow cooker soup will make you feel just as warm and toasty as the Panera original.
I originally posted this recipe on the last day of a trip I took to Charleston, South Carolina with this guy. (If you’re heading to Charleston soon, be sure to check out my Charleston restaurant and activity guide.)
The most easy and healthy recipe for Broccoli and Cheese Soup you’ll find! Made with lots of fresh veggies, cheddar, and your crock pot does all the work.
Ingredients:
- 5 cups chopped broccoli florets (about 16 ounces)
- 1 cup grated carrots (you can grate yourself or use bagged, pre-cut julienne carrots)
- 1 medium yellow onion, finely diced
- 3 cloves garlic, minced
- 2 ounces reduced fat cream cheese (do not use fat free)
- 1 teaspoon dried oregano
- 1/4 teaspoon freshly grated nutmeg
- 2 1/2 cups reduced sodium chicken or vegetable broth
- 1 (12-ounce) can 2% evaporated milk
- 1/2 teaspoon kosher salt
- 1/4 teaspoon black pepper
- 1 (8-ounce) block sharp cheddar cheese, grated*
Directions:
- Place the broccoli, carrots, onion, and garlic in the bottom of 5-to-6-quart slow cooker. Top with the cream cheese, oregano, nutmeg, and chicken broth. Stir to evenly distribute the ingredients. Cover and cook on high for 2 hours or low for 4-6 hours, until the broccoli is tender.
- Remove the lid and stir in the evaporated milk. With an immersion blender, puree about 3/4 of the soup, so that it is mostly smooth but still has a few chunks of broccoli remaining. Alternatively, you can puree the soup in 1 cup-sized batches in a food processor or blender. (Be careful—it’s hot and prone to splatter!)
- Recover the soup and let cook on low for 10 minutes until warmed through. Stir the salt, pepper, and grated cheese. Taste and add additional salt and pepper as desired. Recover and cook on high until the cheese is fully melted and the soup is hot, about 5 additional minutes. Serve warm.
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