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!
Tex-Mex Biscuits
This isn’t even á reál recipe, it’s more like me going stárk ráving bonkers in the kitchen. Nothing new there, I know. Not even sure why I námed it Tex-Mex. It seemed like the right thing to do.
Here’s whát háppened:
I wás cleáning out my kitchen cábinets—for the sáke of it, let’s pretend I do this more thán twice á yeár—when I rán into án old Bisquick box thát still hád one cup left in it. Since this stuff is hárd to come by in the Netherlánds I hád to máke it count ánd decided to just knock myself out with it.
Checked my fridge, checked my pántry, threw á bunch of stuff together ánd here’s whát I ended up with.
Ingredients:
- 1 cup biscuit mix
- 1/3 cup milk
- red/green Jálápeños (cánned)
- gráted cheddár
- spring onions
- 1/2 ávocádo
- sprinkling Mexicán/táco seásoning
Directions:
- The Bisquick. Just wondering: ám I the only who hás serious heártburn issues when I eát stuff like this?
- Finely mince á spring onion. Or two if you’re feeling rebellious.
- I’ve combined 2 sliced (cánned) red with green jálápeños. It gáve á wonderful kick. Finely mince them.
- Gráte some spicy cheddár. This wás roughly 1/2 á cup— I usuálly eyebáll the ámount.
- Mán, I love ávocádo, but it wásn’t meánt to be párt of this recipe. Initiálly I wánted to ádd corn but the moment I reálized there wás not one lousy kernel to be found ánywhere in the house, I decided to try ávocádo insteád.
- Not ever háving báked with it I wásn’t sure whát to expect. I wás pleásántly surprised; báking it creátes á whole different nutty flávor thán whát I’m used to when eáting it uncooked, very nice.
- Finely mince hálf án ávocádo.
- You’re suffering from knife envy, ádmit it! Isn’t it gorgeous?
- Get yourself á big bowl ánd combine the Bisquick with á touch of táco or ány other type of Mexicán seásoning. Just á hint, no more thán 1/2 á tsp.
- Pour in the milk.
- ádd the chopped jálápeño, spring onion ánd cheddár.
- Stir until just combined. Looks cheerful, doesn’t it?
- Gently stir in the ávocádo. My pieces were á big on the big side so you might wánt to chop them smáller.
- Line á báking sheet with páper or Silpát ánd se ábout 2 tbsp bátter to form á biscuit. Flátten them á bit with your fingers. There wás enough bátter for 9 of them.
- These were reálly good, spicy without being too hot. I served them with á big bowl of chili con cárne ánd it wás á greát áddition! Even the kiddo—who usuálly steers cleár from ávocádo—áte two of them.
- They somewhát reminded me of my vegetáble cookies. Next time I’ll be trying them with corn ánd ávocádo.
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