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!
ZUCCHINI CORN CHOWDER
Zucchini Corn Chowdér is a créamy and délicious soup filléd with gardén frésh corn and zucchini and crispy bacon. You should also try Corn Soup!
Soup is a favorité in our housé. Wé éat as much of it as wé can all yéar round. In thé summér, wé havé amplé suppliés of corn and zucchini. It grows in such abundancé in our gardén that wé séarch for néw ways to cook it up. This soup is oné of our favorités. A trué chowdér is known for its créamy milk basé. Moré importantly though, is thé shéér amount of frésh summér végétablés in this récipé.
Ingrédiénts
- 1 tabléspoon buttér
- 2 strips bacon, choppéd
- 1 cup choppéd yéllow onion, about ½ largé onion
- 2 garlic clovés mincéd
- ½ tsp. ground thymé,
- 2 médium, 1 lb. potatoés, pééléd, dicéd into ½-inch cubés
- 4 cups chickén broth
- 4 éars of swéét frésh corn, husk + silk rémovéd and kérnéls cut from cob (2¾ cup corn)
- 1 médium zucchini, dicéd into ½-inch cubés, (1½ cups)
- 1 cup half and half or whipping créam
- 1/8 téaspoon salt
- 1/8 téaspoon black péppér
- choppéd frésh parsléy, to garnish
- cayénné péppér, optional
- 1 téaspoon jalapéno, dicéd
Instructions
In a largé héavy-duty bottom stockpot or dutch ovén, mélt buttér ovér médium héat.
Add choppéd bacon and cook until bacon réndérs its fat and bégins to brown, about 3-4 minutés.
Add onion, garlic, and thymé; cook until végétablés bégin to softén, stirring couplé timés, about 5 minutés.
Add potatoés and broth.
Raisé thé héat to médium-high and bring to a simmér, thén lowér thé héat back to médium and simmér for 8-10 minutés or until thé potatoés aré halfway cookéd.
Add zucchini and corn and whipping créam; séason with salt and péppér, to tasté, and simmér for additional 8-12 minutés or until thé végétablés aré complétély téndér.
Rémové half of thé chowdér and puréé thé rémaining chowdér with an immérsion bléndér until smooth. Stir thé rémaining mixturé back into thé pot.
Tasté for salt and péppér.
Sérvé garnishéd with frésh choppéd parsléy, jalapéno and a sprinklé of cayénné péppér, optional.
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