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 Salmon and Potato Foil Packets
One of the very first meals I learned to cook for my husband was this one.
He loves salmon and potatoes and nearly 20 years later, nothing has changed.
The recipe is so easy that even a totally inexperienced cook will look like a hero and it’s ready in 30 minutes.
Simply place thinly sliced potatoes in a mound on a sheet of foil, top with salmon, olive oil, the juice of an orange and a lemon, seal up the foil, and bake. It’s a foolproof recipe as long as you slice the potatoes very thin so they cook through in the same amount of time it takes the salmon to cook.
INGREDIENTS:
- 1 medium potato, sliced into very thin rounds about 1/16th-inch thick, divided
- about 4 tablespoons olive oil, divided
- salt and pepper to taste, divided
- 2 salmon filets, about 6 ounces each
- 1 large orange, halved
- 1 lemon, halved
DIRECTIONS:
- Preheat oven to 400F. To a 12-inch long sheet of foil (I use Reynold’s Heavy Duty Non-Stick), add half the potato slices in a pile in the center of foil. Slightly fan out the potatoes so air can circulate. Make sure potatoes are sliced very thin so they cook through in the same amount of time it takes the salmon to cook.
- Evenly drizzle the potatoes with about 1 tablespoon of olive oil, season with salt and pepper, and repeat process with another sheet of foil and the remaining potato slices.
- Top each pile of potatoes with 1 salmon filet.
- Evenly drizzle each salmon filet with about 1 tablespoon olive oil.
- Squeeze half the juice of the orange over one salmon filet and half the juice over the other filet.
- Squeeze half the juice of the lemon over one salmon filet and half the juice over the other filet.
- Season each salmon filet with salt and pepper.
- Seal foil packets, making sure to tightly crimp the seams so the olive oil and citrus juices don’t leak. Place packets on baking sheet and bake for about 25 to 30 minutes. Carefully open one packet to check for doneness of both salmon and potatoes and if necessary, return to the oven for an additional 5 minutes, or until done.
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