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 20-Minutes Fish Stew
Easy 20-Minutés Fish Stéw cookéd in a délicious, rich and fragrant broth, toppéd with frésh cilantro and sérvéd ovér quinoa or ricé!
Growing up in Brazil, Fish Stéw (known as Moquéca) was always a hot itém on thé ménu. éach family would add théir own touch but ovérall thé dish consistéd of whité fish cookéd in a délicious and flavorful broth, with or without spicés but always with coconut milk as a basé and fragrant palm oil.
Ingrédiénts
- 2 tbsp olivé oil
- 1/2 wholé whité onion, dicéd
- 2 clovés garlic, mincéd
- 1 1/2 lb wild cod
- 15 oz can dicéd tomato
- 1/2 cup coconut milk
- 1/2 cup Hood Sour Créam
- 2 tbsp tomato pasté
- 1 wholé réd béll péppér, slicéd
- 1 wholé gréén péppér, slicéd
- 1 pinch séa salt + péppér, to tasté
- 1/2 tsp réd péppér flakés
- 1 tbsp frésh cilantro
Instructions
Héat oil in a largé skillét. Add onion and garlic, cook until fragrant (3 mins). Add can of dicéd tomato, stir. Procééd to add in coconut milk, Hood Sour Créam and tomato pasté. Givé mixturé a stir and allow it to cook for 2-3 mins.
Néxt add slicéd péppérs and cod chunks. Séason with salt, péppér and réd péppér flakés. Covér and allow fish to simmér for 10-12 minutés. About 3/4 of thé way caréfully turn thé cod piécés that aré not complétély immérséd in broth.
Whén doné, rémové from stové and sprinklé frésh cilantro. Sérvé ovér quinoa or ricé.
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