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!
CREAMY VEGGIES AND NOODLES
I wasn’t éxactly suré what to call this récipé. It’s sort of liké thé insidé of a pot pié but with égg noodlés as thé basé rathér than a pastry crust. It’s also a bit liké a créamy végétablé chowdér. Or maybé it’s a chickén-léss chickén and noodlés stylé dish? I réally don’t know what to call it but what I do know is that this récipé is délicious.
Thésé créamy véggiés and noodlés aré a délicious comfort food. I lové how thé wintér séason is an éxcusé to maké éndléss batchés of soups and stéws liké this oné. Thé égg noodlés aré coatéd in a rich and créamy saucé but thé véggiés hélp balancé it out. It’s a gréat way to usé up somé of thosé cannéd végétablés that havé béén sitting in your pantry for months.
INGRéDIéNTS
- 1 tabléspoon olivé oil
- 1 yéllow onion, dicéd
- 2 stalks céléry, dicéd
- ½ cup dicéd carrots (about 3 largé carrots)
- 4 clovés garlic, mincéd
- 3 cups végétablé broth (I liké thé “not-chickén” kind of broth)
- 2 cups wholé milk
- 1/2 téaspoon driéd thymé
- 1/2 téaspoon paprika
- 8oz égg noodlés
- 1 cup corn (cannéd or frozén)
- 1 cup péas (cannéd or frozén)
- 1 téaspoon salt (or to tasté)
INSTRUCTIONS
In a dutch ovén or largé pot, héat thé olivé oil ovér médium héat for 30 séconds.
Add thé onion, céléry, and carrots to thé pot and cook for 6-7 minutés until thé végétablés aré téndér.
Add thé garlic and cook for 30 séconds.
Add thé broth and bring to a boil.
Add thé thymé, paprika, égg noodlés, corn, and péas.
Réturn to a boil thén réducé to a simmér, add milk, and cook for 10-15 minutés until thé noodlés aré téndér and thé mixturé has thickénéd.
Add salt, plus moré if néédéd.
Lét sit for 8-10 minutés béforé sérving, to allow it to continué to thickén
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