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!
MAGIC BROCCOLI
This is the best damn broccoli ever.
The crazy thing is, this recipe is so simple! It is not much more effort than steaming them in the microwave, though it does take longer because you bake the broccoli. Baking is the key! Roasting broccoli creates a flavour that is light years away from plain steamed broccoli, it sweetens it and you also get the caramelisation. Plus, it sucks up the flavour of the lemon juice when you drizzle it over the broccoli while still hot. I tried it once with steamed broccoli and it didn’t absorb the lemon juice at all. It’s the “secret” that makes this broccoli so amazing!
This is insanely simple to make but it's the best broccoli ever! Best eaten warm but also delicious at room temperature. I call it "Magic Broccoli" because it IS magic how a little roasting and a drizzle of lemon juice can transform broccoli!
Ingredients
- 2 medium heads of broccoli (see notes)
- 2 garlic cloves , finely sliced or finely chopped
- 4 tbsp extra virgin olive oil , separated
- 1/2 tsp salt (adjust to your taste)
- Black pepper
- Zest of half a lemon
- 1 1/2 tbsp lemon juice
- 2 tbsp freshly grated parmesan cheese
Instructions
- Preheat oven to 180C/350F.
- Cut broccoli into florets and piled onto baking tray.
- Drizzle with 2 tbsp extra virgin olive oil, scatter with garlic, salt and pepper. Use your fingers to toss, then spread out over tray in a single layer (or use tongs or massage in a large ziplock bag). Adjust salt to your taste.
- Bake for 20 to 25 minutes until the tips of the florets are slightly browned. The broccoli should be "tender crisp", meaning just cooked through, not overcooked and floppy.
- Remove from the oven and immediately drizzle over the lemon juice and remaining 2 tbsp olive oil. Toss to combine. Scatter over lemon zest and parmesan cheese. Serve immediately.
Recipe Notes
1. You need enough broccoli florets to fill a baking tray in a single layer. The broccoli shrinks while baking.
2. Reserve the stalks to use in stir fries or finely dice them and use in soups, fried rice, casseroles or even hide them in things like pasta sauces.
3. Please don't cut down on the oil. You simply won't get the caramelisation when roasting!
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