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!
VEGAN SCALLOPED POTATOES RECIPE
My favorite recipe for vegan scalloped potatoes- ultra creamy, cheesy, garlicky and comforting. And this vegna scalloped potatoes is absolutely no dairy!
These potatoes are so creamy, garlicky, flavorful and over-the-top delicious. The epitome of comfort food, and a must have at any holiday meal! They will be gone so fast, and no one will guess they are vegan.
Vegan Scalloped Potatoes RecipeThis vegan scalloped potatoes- ultra creamy, cheesy, garlicky and comforting. And this vegna scalloped potatoes is absolutely no dairy!
Ingredients- 4 pounds yukon gold potatoes
For the creamy sauce- 1 1/2 cups raw cashews, soaked in hot water for 5 minutes
- 2 cups vegetable broth
- 2 cups unsweetened non-dairy milk (I used coconut milk)
- 1/2 cup nutritional yeast
- 1 1/2 teaspoons salt
For the rest- 1 tablespoon olive oil
- 1 large onion, thinly sliced
- 4 large garlic cloves, minced
- Optional for serving: vegan parmesan, chopped fresh chives
Instructions- Peel your potatoes, and slice them into 1/8 inch thick rounds. Preheat the oven to 400 degrees F and lightly grease a 9 x 13 inch baking dish. Set aside.
- Make the creamy sauce: In a high powered blender like a Vitamix, add all the sauce ingredients and blend on high for a few minutes until very smooth.
- Heat the olive oil in a large saute pan over medium heat. Add the sliced onion and saute for 3-4 minutes, until translucent. Now add the garlic to the pan and cook, stirring constantly for another minute. Turn off heat and set aside.
- Spread half of the sliced potatoes in the baking dish. Top evenly with half of the creamy sauce, and then add the onion/garlic mixture across the top of the sauce.
- Layer the rest of the potatoes, and then the rest of the sauce. Bake for 60 minutes, then check a few potatoes to make sure they are fork tender and cooked through. If not, put back in the oven for 10-20 more minutes, until done. The sauce should be bubbly and thick.
- Sprinkle vegan parmesan and chopped fresh chives on top, if desired and serve. Enjoy!
Recipe Notes- May leave out the onions and garlic if desired, but they add a lot of flavor to the dish.
- I like using yukon gold potatoes in this recipe, but russets will work as well. Or try sweet potatoes for variety!
- Try to slice your potatoes similar levels of thickness; this will help them cook more evenly. If you slice your potatoes thicker, they will take longer to cook, so keep this in mind.
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