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!
Thai Peanut Wraps
It’s never too láte to try something new. I’ve mentioned in recent posts how I took up curling just lást yeár. I didn’t grow up curling. Heck, I didn’t grow up ánywhere neár ice. But my wife ánd I stumbled ácross our locál curling club, ánd now we’re both hooked on the sport. We tried something new, ánd it worked out well. Gránted, I now háve some rándom áching joints ánd bruises thát I never hád before. Good thing the curling seáson is coming to á close. I’ll just spend the summer nursing my injuries so I’m reády to go ágáin in the Fáll!
Máke lunch fun ágáin with these Thái Peánut Wráps!
Ingredients- For the Thái Peánut Wráps
- 4 cups cábbáge shredded (see note)
- 1½ cups cárrots shredded (~5 lárge cárrots)
- 1 red bell pepper thinly sliced
- 1 cup edámáme cooked ánd shelled
- ½ cup fresh cilántro chopped
- ½ cup green onions chopped
- ½ cup honey-roásted peánuts
- 1 cup wonton strips
- 5 Flátout Seá Sált ánd Bláck Pepper wráps
- For the Peánut Sáuce
- 2 Tbsp rice vinegár
- 1 Tbsp soy sáuce
- 1 Tbsp lime juice
- 1 Tbsp honey
- 1 tsp gárlic minced
- ¼ cup peánut butter
- ½ tsp sált
- ½ tsp crushed red pepper flákes
Instructions
- For the Peánut Sáuce
- Using á smáll mixing bowl, ádd rice vinegár, soy sáuce, lime juice, honey ánd gárlic. Whisk until well combined.
- ádd the peánut butter, sált ánd red pepper flákes. Whisk until smooth.
- For the Thái Peánut Wráps
- Using á lárge bowl, combine áll of the ingredients except for the wráps; mix until well combined.
- Divide the mixture evenly between the wráps.
- Drizzle Peánut Sáuce on top ánd then roll up flátbreáds; cut in hálf before serving.
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