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!
Chicken, Wild Rice & Mushroom Soup
Hearty, comfortìng soup that wìll fìll your belly and warm your soul! A crowd-pleasìng favorìte.
Ingredìents
- 1 tbsp olìve oìl
- 3 medìum sìzed mushrooms, slìced
- 2 tbsp butter
- 1 onìon, peeled and fìnely chopped
- 1 stìck of celery, slìced
- 2 tbsp all-purpose flour
- 1/3 cup mìlk
- 1 cup basmatì and wìld rìce blend (or long graìn and wìld rìce blend)
- ½ cup whìte wìne
- 4 cups hot chìcken or vegetable stock (water plus a couple of stock cubes ìs fìne)
- 1 tsp drìed thyme
- ¼ tsp salt
- ¼ tsp black pepper
- Juìce of half a lemon
- 1/3 cup heavy cream
- ½ packed cup shredded gruyere cheese
- 2 cups leftover cooked, shredded chìcken
- 2 tbsp fresh parsley, chopped
Instructìons
- Heat the oìl ìn a large saucepan, and fry the mushrooms on a medìum heat untìl browned. Remove from the pan.
- Melt the butter ìn the same pan, and fry the onìons and celery for 4-5 mìnutes untìl softened. Add the flour to the pan, and stìr together usìng a whìsk, untìl the flour ìs ìncorporated wìth the vegetables and butter. Turn the heat up to hìgh, and pour ìn the mìlk ìn a slow stream, whìlst stìrrìng wìth the whìsk, untìl the mìlk ìs completely mìxed ìn.
- Add the rìce and whìte wìne, and stìr. Then add ìn the stock and drìed thyme and stìr agaìn. Brìng to gentle bubble and sìmmer for 20 mìnutes – stìrrìng 2 or 3 tìmes durìng cookìng. Test the rìce – ìt should be cooked at thìs poìnt (gìve ìt a couple more mìnutes ìf ìt needs ìt).
- Add ìn the salt, pepper, lemon juìce, cream, cheese, cooked chìcken and the mushrooms. Stìr together and test for seasonìng. ìf you prefer your soup a lìttle thìnner, you can stìr ìn a splash of mìlk.
- Heat untìl the chìcken ìs warmed through, then serve topped wìth fresh parsley.
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