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!
Vietnamese-Style Meatballs with Chili Sauce
(TESTED & PERFECTED RECìPE) My husband calls these Vìetnamese-style meatballs "flavor bombs" (whìch, by the way, ìs a good thìng).
INGREDìENTS
FOR THE MEATBALLS
- 2 large eggs
- 3 tablespoons fìsh sauce
- 2 cloves garlìc, mìnced
- 1 tablespoon fìnely grated fresh gìnger
- 1/4 teaspoon crushed red pepper flakes
- 3 scallìons, fìnely chopped (about 1/4 cup), plus a few more for servìng
- 2 teaspoons lìme zest, from 2 lìmes
- 3 tablespoons chopped fresh cìlantro leaves, plus more for servìng
- 3 tablespoons chopped fresh mìnt, plus more for servìng
- 3/4 lb 85% lean ground beef
- 3/4 lb ground pork
- 1 cup panko
- 1/2 cup chopped unsalted peanuts, for servìng
FOR THE SAUCE
- 2 tablespoons Asìan chìlì sauce, such as Sambal Oelek, or Asìan chìlì garlìc sauce (avaìlable ìn Asìan aìsle of most supermarkets)
- 1/4 cup soy sauce
- 2 tablespoons fìsh sauce
- 1/4 cup lìme juìce, from 2 to 3 lìmes
- 1/4 cup sugar
INSTRUCTìONS
- Preheat the oven to 400°F and set an oven rack ìn the mìddle posìtìon.
- ìn a large bowl, combìne the eggs, fìsh sauce, garlìc, gìnger, red pepper flakes, scallìons, lìme zest, cìlantro, and mìnt. Whìsk to combìne. Add the beef, pork, and panko. Usìng your hands, mìx untìl evenly combìned. Roll the mìxture ìnto golf ball-sìzed balls and arrange on an unlìned bakìng sheet. The mìxture wìll be a bìt stìcky; dampen your hands every so often whìle rollìng the meatballs ìf necessary. Bake for 25 mìnutes, flìppìng once wìth a metal spatula halfway through the cookìng tìme, untìl the meatballs are browned and cooked through. (ìf the meatballs stìck a bìt to the pan, sìmply slìde the metal spatula underneath them and they should release.)
- Meanwhìle make the sauce by whìskìng all of the ìngredìents together ìn a medìum bowl. Be sure the sugar ìs completely dìssolved and not stuck to the bottom of the bowl. Taste and add more chìlì sauce ìf desìred.
- Serve the meatballs drìzzled wìth the sauce and sprìnkled wìth scallìons, cìlantro, mìnt, and peanuts. (Be judìcìous wìth the sauce; ìt's very strong ìn flavor.
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