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!
ZUCCHINI TOMATO ITALIAN SAUSAGE SOUP
Our backyard garden is on the brink of starting to produce massive amounts of fresh zucchini and tomatoes, and I can’t wait! Especially because I know that Jack will be cooking up a batch of this fantastic Zucchini Tomato Italian Sausage Soup!
Now, I know that some of you may be thinking that a hot soup is the last thing you’d think about cooking in the middle of the summer – and I totally get that. But we make and eat soups all year long – especially when they are as delicious as this Zucchini Tomato Italian Sausage Soup.
Once the zucchini is added to the pot, try to avoid overcooking. The squash should be just tender.
INGREDIENTS- 1 tablespoon extra-virgin olive oil
- 1 pound Italian sweet sausage, removed from casings
- 2 cups onion, diced
- 1 cup celery, diced
- 1 cup carrots, diced
- 2 cups red bell pepper, diced (about one large pepper)
- 2 tablespoons fresh garlic, minced
- Pinch red pepper flakes
- ¼ cup tomato paste
- 5 fresh plum tomatoes, diced
- 2 pounds zucchini cut into bite-sized pieces
- 1 teaspoon kosher salt
- ½ teaspoon freshly ground black pepper
- 2 quarts good quality vegetable broth
- 1 cup coarsely grated Parmesan cheese, plus more for serving
- A few Parmesan cheese rinds (optional but recommended)
- 2 tablespoons fresh basil chopped
- 1 tablespoon fresh oregano chopped
INSTRUCTIONS- In a large soup pot or large Dutch oven, place olive oil over medium high heat and once hot, add sausage meat. Break up meat while it cooks.
- Once the meat has browned, add onion, celery, carrots and bell pepper and sauté for four minutes.
- Move the vegetables to the sides and lower heat to medium. Add garlic, pepper flakes and tomato paste to center and cook for two minutes, stirring occasionally. Add tomatoes, zucchini, salt, pepper, broth, Parmesan cheese and Parmesan rinds along with fresh basil and fresh oregano and stir to combine.
- Bring to a medium simmer and cook just long enough until the vegetables are tender, about 10-15 minutes.
- Remove from heat and remove and discard the Parmesan rinds.
- Serve immediately with additional Parmesan cheese on the side.
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