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!
CRISPY SOUTHWEST WRAP
Crispy Southwest Wraps are one of our go-to, easy meals. They take less than 30-minutes and my family loves them!
If your house is anything like mine, then the week before Thanksgiving is crazy busy, and the last thing I have time to do is think of a dinner plan early in the week while I’m preparing to host Thanksgiving dinner.
Easy meals–we’re talking 30-minutes or less– are my life savers! And meals that my kids will eat happily, without force, are essential!
These Crispy Southwest Wraps meet all of those requirements with my family. Everyone loves them, and I love how easy they are. This meal was complete invented out of necessity to use leftovers from my fridge to clear room for things like a big giant turkey that I’ll be roasting in a few days.
They’re really easy to adapt, depending on what you have in your fridge, and what your family likes. You could substitute cooked chicken or rotisserie chicken (about 1 1/2 cups, shredded) instead of the ground beef. You could add spinach or any other chopped veggies that you’d like.
I love the little bit of sour cream that’s layered in the middle because it adds a creaminess to them. You could substitute it for Greek yogurt and no one would ever know! Also feel free to use any type of tortillas. My favorite part about them is how we make them “crispy” in the griddle before eating them.
I also love that these are essentially a “meal-in-one”. You have your veggies, protein, and carbs all wrapped together in one delicious meal!
These Crispy Southwest Wraps are a delicious hybrid of a burrito/taco and a wrap. I make sure to serve them with a side of salsa and our favorite Mexican hot sauce, valentina.
- 1 pound ground beef
- salt and freshly ground black pepper
- 2 1/2 teaspoons chili powder
- 1 1/2 teaspoons cumin
- 1/2 teaspoon garlic powder
- 2 Tablespoons water
- 15 ounce can black beans , drained and rinsed
- 1 cup frozen corn , thawed
- 1/2 red bell pepper , chopped
- 1 green onion , chopped
- 1 cup cooked rice (leftover rice works great!), white, brown, rice pilaf, wild rice
- 1 1/2 cups freshly shredded cheddar cheese (or Monterey or pepperjack)
- 1/2 cup sour cream
- 6-8 large flour tortillas
Add the ground beef to a large skillet over medium heat. Cook and crumble until browned. Drain grease.
Season with a little salt and pepper and add chili powder, cumin, garlic powder and water. Stir to combine.
Add black beans, corn, bell pepper, and onions and toss to combine. Saute for a 2-3 minutes.
Heat a large skillet over medium high heat.
Warm the rice. Layer tortilla with a handful of cheese evenly spread across the tortilla.
Add a small scoop of rice, placing it in a line along one end of the tortilla.
On top of the rice add a few small dollops of sour cream, and a spoonful of the beef filling. Starting at that end, roll the tortilla up, folding in the sides like a burrito.
Spray the skillet generously with cooking spray and place the wraps seam side down on the greased skillet.
Gently brush the tops of the wraps lightly with oil, or spray them with cooking spray. Turn the wraps every minute or two until they are golden and crispy on all sides.
Serve warm, with salsa and/or a creamy cilantro dipping sauce.
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