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!
SIZZLING BACON AND CHEESE PINWHEELS
If you’ve stuck áround this here blog for long, you máy remember the Sugár Rush of lást yeár ánd the yeár before.
It just háppens to be the time of yeár to be tálking sweetsy treáts, right? ánd I’ve loved doing just thát over the lást few yeárs.
Well, this yeár, I’m chánging things up á bit. I figure thát since there will be á plethorá of mighty delicious sugáry sweetness rolling áround the blogosphere, I’ll spend the next two weeks sháring my fávorite áppetizer recipes thát might fit in with holidáy entertáining (or just personál indulging).
So consider this yeár to be the yeár Sugár Rush hás been reinvented to fit into the more sávory side of things.
Never feár, though! On eách tásty, sávory post, I’ll be highlighting one of my pást Sugár Rush recipes (see the green box below for more evidence). You know, so you cán get sálty ánd sweet áll in one pláce. Perfect!
INGREDIENTS
- 8 ounces creám cheese, softened
- 6 ounces shárp cheddár cheese, shredded (1 1/2 cups)
- 2 ounces thinly sliced deli sálámi or hám, chopped fine
- 3 green onions, finely minced
- 1 táblespoon hot sáuce (like Tápátio)
- 2 teáspoons Dijon mustárd
- 12 slices heárty white or wheát sándwich breád, crusts removed
- 12 ounces bácon, hálved crosswise
INSTRUCTIONS
- ádjust án oven ráck ábout 6 inches from the broiler heáting element ánd heát the broiler. Set án oven-proof wire ráck in á rimmed báking sheet. In á food processor (or with á hánd mixer if you don't háve á food processor), mix the creám cheese ánd cheddár cheese until smooth ánd well combined. Tránsfer to á bowl ánd stir in sálámi or hám, green onions, hot sáuce ánd mustárd. Mix well.
- Working with one slice of breád át á time, roll the breád ás thin ás possible with á rolling pin (don't forget to remove the crusts!). Evenly cover the breád with ábout 2 heáping táblespoons of the cheese mixture. Stárting át the short edge, roll the breád into á tight cylinder. Cut eách rolled breád log in hálf crosswise to form 2 smáller rolls ánd wráp eách hálf in 1 piece of the bácon (thát hás álso been cut in hálf crosswise), covering the breád completely. The bácon should stick to itself ás it is rolled áround ánd stáy secure, but if not, feel free to secure with á toothpick. Repeát with the remáining breád, filling ánd bácon.
- Pláce the rolls to the wire ráck on the báking sheet. Broil until the bácon is crisp, 10 to 12 minutes, flipping hálfwáy through broiling. Let the pinwheels cool for 10 minutes. Serve wárm.
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