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 BAKED BLACK BEAN & SWEET POTATO TACOS
CRISPY BAKED BLACK BEAN & SWEET POTATO TACOS + RECIPE VIDEO
These crispy tacos are baked in the oven and stuffed with refried beans, sweet potato and cheese for an easy and delicious dinner!
crispy baked black bean & sweet potato tacos
Prep Time: 20 mins
Cook Time: 10 mins
Yield: 8
Category: Dinner, Gluten Free, Vegetarian
INGREDIENTS
- 1 cup refried black beans
- 1 cup sweet potato puree, homemade or canned*
- 1 cup grated cheese
- 8 corn tortillas
- Olive oil
AVOCADO SALSA: (OPTIONAL)
- 1 large avocado, diced
- 1 tomato, small diced
- 1/4 cup chopped red onion
- 1 clove garlic, minced
- 1 tablespoon chopped cilantro
- Juice of 1 lime
- Salt, to taste
INSTRUCTIONS
- Pre-heat oven to 450 F. Line a large baking sheet with parchment paper and brush with a small amount of olive oil. If corn tortillas aren’t very pliable you may need to warm on the stove or microwave for about 5 seconds each before assembling tacos.
- Spread about 1 tablespoon of refried beans on half of the tortilla and top with 1 tablespoon sweet potato and a sprinkling of cheese. Fold tortilla over and repeat with remaining ingredients. Brush the top of each taco with a small amount of olive oil and bake for about 10 minutes, flipping once.
- Make the avocado salsa while tacos are baking. Add all ingredients to a medium sized bowl and mix until combined.
- Let tacos cool for a few minutes before eating and top with avocado salsa, if desired. Recipe serves 2-3 people but can easily be adapted to make more.
NOTES
*I make my sweet potato puree by peeling and dicing a medium sized sweet potato and steaming until fork tender, 15-20 mins. I tend mash the cooked sweet potato with a fork.
*If you want to freeze these, freeze separately on a cookie sheet before baking and then combine into a freezer friendly container. Or, wrap each in plastic wrap and store in a freezer friendly container. Can be frozen for up to 3 months. To bake from frozen: heat oven to 400 degrees F and bake 15-20 minutes, flipping once.
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