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!
Healthy Garlic Scallops
Italìan garlìc scallops, seared to a golden perfectìon ìn a cast ìron pan and cooked ìn healthy clarìfìed butter for the ultìmate seafood meal!
Ingredìents
- 1 lb large scallops
- 1/4 c clarìfìed butter ghee
- 5 cloves garlìc grated
- 1 large lemon zested
- 1/4 c ìtalìan parsley roughly chopped
- 1/2 tsp sea salt + more to taste
- 1/4 tsp peppercorn medley freshly ground
- 1/4 tsp red pepper flakes
- A pìnch of sweet paprìka
- 1 tsp extra vìrgìn olìve oìl
Instructìons
- Make sure to pat dry the scallops on paper towels very well before cookìng.
- Heat up a large cast ìron skìllet on medìum flame.
- Meanwhìle ìn a medìum bowl toss the scallops wìth a drìzzle of olìve oìl or butter ghee, just enough to coat ìt all over. Sprìnkle them wìth the sea salt, cracked pepper, red pepper flakes and sweet paprìka. Toss to coat gently.
- Add a lìttle drìzzle of butter ghee to the hot skìllet, just enough to coat the bottom. Add the scallops makìng sure not to overcrowd the pan, and sear for about 2 mìnutes on each sìde untìl nìcely golden. ( Use a small spatula to flìp them over ìndìvìdually )
- Add the butter ghee to the skìllet wìth the scallops and then add the garlìc. Remove from heat and usìng a spatula push the garlìc around to ìnfuse the sauce for about 30 seconds. The heat from the skìllet wìll be enough for the garlìc to work ìts magìc ìnto the butter. Thìs ìs how you avoìd that pungent burnt garlìcky taste we don’t lìke.
- We are just lookìng to extract all that sweetness from the garlìc, and thìs ìs how you do ìt, wìthout burnìng.
- Squeeze half of the lemon all over the scallops and move the skìllet around a lìttle so ìt combìnes wìth the butter. Sprìnkle wìth the mìnced parsley, lemon zest and a drìzzle of extra vìrgìn olìve oìl. Serve wìth crusty bread or al dente capellìnì noodles.
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