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!
GNOCCHI MAC AND CHEESE
This Gnocchi Mac and Cheese recipe is rich, creamy, classic, and oh-so-comforting and delicious.
INGREDIENTS:
- 2 (1-pound) packages *DeLallo mini potato gnocchi or 3 (12-ounce) packages DeLallo gluten-free potato and rice gnocchi)
- 3 tablespoons cornstarch
- 1 cup vegetable or chicken stock
- 2 tablespoons butter or DeLallo extra virgin olive oil
- 3 cloves garlic, minced
- 1 cup milk, warmed
- 1 1/4 cups freshly-grated fontina cheese
- 1 cup freshly-grated sharp cheddar cheese
- 1/2 cup freshly-grated Parmesan cheese
- 1/2 teaspoon salt, or more to taste
- 1/4 teaspoon finely-ground black pepper, or more to taste
- (optional toppings: finely-chopped fresh parsley or basil, extra Parmesan cheese)
DIRECTIONS:
- Cook the gnocchi in a large stockpot of generously-salted boiling water, according to package instructions. Drain and set aside.
- Meanwhile, as you are waiting for the water to come to a boil and for the gnocchi to cook, make your cheese sauce. Begin by whisking the cornstarch and the vegetable/chicken stock together in a small bowl until the cornstarch is completely dissolved. Set aside. (Be sure that the stock is room temperature or cooler, otherwise the cornstarch will not dissolve.)
- Heat butter or olive oil in a (separate) large saucepan or saute pan over medium heat. Add garlic and saute for 1-2 minutes, stirring occasionally, until fragrant. Stir in the cornstarch mixture, and whisk until combined. Add in the milk, and whisk until combined. Continue cooking, whisking constantly, until the mixture reaches a low boil. Then remove from heat, and stir in the cheeses until they are melted and smooth. Season the sauce with salt and pepper, to taste.
- Combine the cooked gnocchi and cheese sauce in the large stockpot, and toss together until the gnocchi are evenly coated. Serve immediately, topped with optional toppings if desired.
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