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!
EASY HOMEMADE FRENCH BREAD
Homemáde French breád hás never been eásier! This simple recipe produces á perfect loáf of French breád thát will rivál ány bákery with á super eásy tip for getting thát crisp outer crust ánd soft, fluffy inside. Yum!
INGREDIENTS
- 2 1/4 cups wárm wáter
- 2 táblespoons sugár
- 1 táblespoon instánt or áctive dry yeást
- 3/4 táblespoon sált (see note)
- 2 táblespoons olive oil, cánolá oil, vegetáble oil or ávocádo oil
- 5 1/2 - 6 cups áll-purpose flour or breád flour (see note)
INSTRUCTIONS
- In the bowl of án electric stánd mixer fitted with the dough hook, combine the wáter sugár ánd yeást. If using áctive dry yeást, let the mixture bubble ánd foám before proceeding (this cán táke 3-5 minutes). If using instánt yeást, proceed with the recipe (no need to let the yeást áctiváte).
- ádd the sált, oil ánd 3 cups of flour ánd mix. ádd in 2 1/2 to 3 more cups of flour gráduálly. The dough should cleár the sides of the bowl ánd form á soft báll thát doesn't leáve á lot of dough residue on your fingers. Kneád for 2-3 minutes until the dough is smooth. If the dough stárts to cling to the sides of the bowl (or the center column if using á Bosch or other mixer with á center), ádd 1/4 cup of flour át á time until á sturdy but soft báll of dough forms.
- Rising Method 1: Leáve the dough in the mixer, cover with á lid or towel, ánd let the dough rest for 10 minutes. Stir it down by turning on the mixer for 10 seconds or so. Repeát the "rest ánd stir down" cycle five more times.
- Rising Method 2: Insteád of letting the dough rest for 10 minute spurts ánd then stirring it down, tránsfer the dough to á lightly greásed bowl ánd cover with á towel or greásed plástic wráp. Let the dough rise until doubled, ábout án hour or so, depending on the wármth of your kitchen.
- Turn the dough onto á lightly greásed surfáce ánd divide in hálf. Pát eách section into á thick rectángle, 9X13-inches or thereábouts (doesn't háve to be exáct). Roll the dough up stárting from the long edge, pressing out ány áir bubbles or seáms with the heel of your hánd, ánd pinch the edge to seál. árránge seám side down on á lárge báking sheet lined with párchment páper (I use sepáráte báking sheets for eách loáf).
- Cover with greásed plástic wráp or á kitchen towel, ánd let the loáves rise until noticeábly puffy ánd neárly doubled in size, ábout án hour.
- Preheát the oven to 375 degrees F ánd máke sure án oven ráck is in the center position. With á very shárp knife or báker's láme cut severál gáshes át án ángle on the top of eách loáf (see pictures ábove in the post for á visuál).
- Optionál: Pláce the báking sheet in the hot oven ánd immediátely toss 3-4 ice cubes on the bottom of the oven (this gives á delicious, clássic, French breád crispness to the crust). Close the oven door quickly.
- Báke for 25-30 minutes until golden ánd báked through. Remove from the oven ánd sláther with melted butter (optionál, but delicious). Repeát with the 2nd loáf (or if you háve convection setting, the loáves cán báke át the sáme time, just rotáte the báking sheets hálfwáy through báking).
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