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!
SUMMER ZUCCHINI BOLOGNESE
This zucchini bolognese makes for a delicious and light, yet filling summer meal. It's based on the best summer produce, it's naturally vegan and can be gluten-free too.INGREDIENTS
- SAUCE
- 2 tbsp / 30 ml olive oil
- ½ medium onion, finely diced
- 3 ripe medium tomatoes OR 400 g / 14 oz can quality chopped tomatoes
- 2 large garlic cloves, finely diced
- 1 Romano pepper, finely diced
- ¼ tsp grated nutmeg
- ¼ tsp smoked paprika
- a pinch of chilli flakes, adjust to taste
- a pinch of dry thyme, adjust to taste
- 1 courgette or small zucchini (about 150 g / 5 oz), coarsely grated
- salt, adjust to taste
- black pepper, adjust to taste
- REMAINING INGREDIENTS
- chopped capers, to garnish
- dry-roasted walnuts or sunflower seeds, roughly chopped, to garnish
- 200 g dry pasta (GF if required), cooked
METHOD
- Gently heat up the olive oil in a heavy-bottomed pan. Add the diced onion and sauté on a low heat until translucent, stirring frequently.
- Meanwhile, if using fresh tomatoes, remove the skins by making a shallow cris-cross incision at the top of each tomato and plunging them into a pot with boiling water for a few seconds. Chop the peeled tomatoes quite finely.
- Add chopped garlic to the onion and sauté for another 2-3 minutes. Finally add the diced red pepper. Sauté, stirring frequently, for another 5 minutes or so.
- Coat the onion / garlic / pepper mixture in nutmeg, smoked paprika, chilli flakes and dry thyme.
- Add the tomatoes and about a cup (240 ml) of liquid (water or stock + a splash of wine works well too).
- Simmer on a medium heat until the tomatoes fully break down and all of the excess moisture cooks out. If the sauce gets dry, but the tomatoes are still very chunky, add a bit more liquid and carry on simmering. Remember to give the sauce a good stir from time to time.
- Once the sauce has reduced, season and add grated zucchini. Simmer the sauce with the zucchini for another 5-10 minutes. Taste and adjust the seasoning – I like to under-season slightly and top my pasta with chopped capers at the end (which adds a bit more saltiness).
- Stir the cooked pasta into the sauce, top with chopped walnuts and capers.
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