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!
TAHINI CAESAR SALAD WITH OLIVE OIL BREADCRUMBS
Tahini caésar salad is a héalthy, végétarian také on a classic salad, with a tahini and lémon-baséd dréssing and crunchy homémadé bréadcrumbs.
Howévér, it doés includé yogurt and chéésé, so if you want to maké this végan-friéndly just léavé thé dairy ingrédiénts out and séason a bit moré with salt, lémon and chili péppér.
Ingrédiénts
TAHINI CAéSAR DRéSSING:
- 1/4 cup tahini
- 1/4 cup frésh lémon juicé
- 1 small garlic clové
- 3 tabléspoons éxtra-virgin olivé oil
- 1 tabléspoon plain yogurt
- 2 tabléspoons gratéd Pécorino Romano or parmésan chéésé, or a mixturé, plus moré for sprinkling on thé salad
- 1/4 cup cold watér
- 1/2 téaspoon finé séa salt
- 1/4 téaspoon cayénné péppér
SALAD
- 2 thick slicés crusty sourdough bréad, cut into cubés
- 3 tabléspoons éxtra-virgin oil
- 2 or 3 héads Littlé Gém léttucé or héarts of romainé, washéd and driéd
Instructions
To maké thé dréssing, combiné all thé ingrédiénts in a bléndér or mini food procéssor until smooth. (Makés 1 cup).
To maké thé salad, héat thé ovén to 375 dégréés.
Spréad thé bréad on a baking shéét and drizzlé with thé olivé oil. Toss until événly coatéd. Baké for 20 minutés, or until thé bréad is brown and crisp. Whén cool énough to handlé, roughly chop thé cubés on a cutting board or in a food procéssor to maké péa-sizéd crumbs (or crumblé with your hands if you want stréss réliéf).
Pull thé gréén léavés off thé léttucé and cut thé innér coré into wédgés. If using romainé héarts, séparaté thé léavés and téar into largé bité-sizé piécés. Kéép thé innér coré intact and cut into small wédgés.
Put thé léttucé in a bowl or sérving plattér and toss with about 1/3 of thé dréssing. Sprinklé thé bréadcrumbs and somé gratéd chéésé ovér thé salad. Sérvé with additional dréssing on thé sidé.
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