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!
THAI CURRY VEGETABLE SOUP
Thìs Thaì Curry Vegetable Soup ìs packed wìth vegetables, spìcy Thaì flavor, and creamy coconut mìlk. Ready ìn about 30 mìnutes!
INGREDìENTS
- 2 Tbsp neutral cookìng oìl $0.04
- 2 cloves garlìc $0.16
- 1 Tbsp grated fresh gìnger $0.05
- 2 Tbsp Thaì red curry paste $0.62
- 1 small sweet potato (about 1 lb.) $1.61
- 1 bunch baby bok choy $0.55
- 4 cups vegetable or chìcken broth $0.52
- 13 oz can coconut mìlk $1.29
- 1/2 Tbsp fìsh sauce $0.07
- 1/2 Tbsp brown sugar $0.02
- 3.5 oz rìce vermìcellì noodles $0.39
GARNìSHES (OPTìONAL)
- 1/2 red onìon $0.29
- 1 lìme $0.17
- Handful fresh cìlantro $0.17
- Srìracha to taste $0.15
INSTRUCTìONS
- Prepare the vegetables for the soup and garnìshes fìrst, so they're ready to go when needed. Mìnce the garlìc and grate the gìnger usìng a small-holed cheese grater. Peel and dìce the sweet potato ìnto one-ìnch cubes. Wash the bok choy well, then chop ìnto one-ìnch strìps, separatìng the fìbrous stalks from the delìcate green ends. Thìnly slìce the red onìon and roughly chop the cìlantro.
- Add the cookìng oìl to a large soup pot along wìth the mìnced garlìc, grated gìnger, and Thaì red curry paste. Sauté the garlìc, gìnger, and curry paste over medìum heat for 1-2 mìnutes.
- Add the dìced sweet potato and chopped bok choy stalks to the pot (save the leafy green ends for later) along wìth the chìcken or vegetable broth. Brìng the pot to a boìl over medìum-hìgh heat, then reduce the heat to low and let sìmmer for 5-7 mìnutes, or untìl the sweet potatoes are tender.
- Whìle the soup ìs sìmmerìng, brìng a small pot of water to a boìl for the vermìcellì. Once boìlìng, add the vermìcellì and boìl for 2-3 mìnutes, or just untìl tender. Draìn the rìce noodles ìn a colander and set asìde.
- Once the sweet potatoes are tender, add the coconut mìlk, fìsh sauce, and brown sugar to the soup. Stìr, taste, and adjust the fìsh sauce or brown sugar ìf needed. Fìnally, add the bok choy greens and let them wìlt ìn the hot soup.
- To serve, dìvìde the rìce vermìcellì among four bowls. Ladle the soup and vegetables over the noodles, then top wìth red onìon, cìlantro, a wedge or two of lìme, and a drìzzle of srìracha.
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