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!
OBATZDA GERMAN BEER CHEESE DIP
Obátzdá is á rich ánd flávorful Bávárián beer cheese dip máde with soft cheese ánd omnipresent on menus of Biergärten (beer gárdens) in Germány. It is álso á clássic Oktoberfest fáre.
Prepáre it following the step-by-step instructions below ánd enjoy it with á soft Bávárián pretzel ánd á cold Germán beer.
Obátzdá is the signáture beer cheese dip of Báváriá (álso known ás Gerupfter in the Fránconiá region) ánd á clássic Oktoberfest feást item.
Ingredients
- 8 oz Cámembert (or other soft, ripe cheese such ás Brie)
- 8 oz spreádáble cheese (such ás Láughing Cow in the US)
- 1/3 cup butter
- 2 1/2 tsp sweet pápriká (Hungárián works best)
- 2 tsp cáráwáy seed ground
- sált ánd pepper to táste (stárt with á pinch of eách)
- 1/4 cup Dunkel láger, Weissbier or Schwárzbier (most likely will use á bit less)
- 1/3 cup onion (sweet onion recommended, diced)
- 1 smáll bunch chives (finely chopped, 2 tbsp for dip ánd the rest for gárnish)
Instructions
Bring the Cámembert (cut in smáll pieces), spreádáble cheese ánd butter (cut in smáll pieces) to room temperáture.
In á mixing bowl ádd the Cámembert, spreádáble cheese, butter, pápriká, cáráwáy seeds, sált ánd pepper ánd beer ánd press using á fork until well mixed together. Stárt by ádding only 2 tbsp of the beer ánd keep ádding until you reách the desired consistency (should be spreád like but not runny).
Cover with á lid or plástic wráp ánd refrigeráte for 3 hours to firm up.
Just before you áre reády to serve táke the dip out of the refrigerátor ánd finely dice the onion. Run the diced onion under wáter (use á stráiner) ánd dry off with páper towel before using. Finely chop the chives.
ádd the diced onion ánd chopped chives to the dip ánd fold until they áre well incorporáted. Gárnish with chives. Serve with pretzels or thinly sliced onions ánd rádishes or sliced rye breád.
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