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!
POTATO SALAD WITH GREEN BEANS AND ASPARAGUS
This potato salad with green beans and asparagus features small red potatoes tossed with green beans, asparagus, walnuts and a bold dijon vinaigrette. A great side dish that goes with almost anything.
Potatoes and green beans are a classic combination. I thought I would mix it up a bit by adding some asparagus as well. The new potatoes are boiled and then tossed with a little dressing while still warm. The green beans and asparagus are blanched and then shocked in an ice bath so they keep their bright green color. The salad is then mixed with a dijon mustard vinaigrette, some walnuts, a little red onion and minced parsley.
This potato salad with green beans and asparagus features small red potatoes tossed with green beans, asparagus, walnuts and a bold dijon vinaigrette. A great side dish that goes with almost anything.
INGREDIENTS
- 1 pound of new potatoes – I used about 15 small new potatoes.
- 1 pound of green beans
- 1 bunch of asparagus
- 2 Tbs minced red onion
- 2 Tbs minced parsley
- 1 large handful of walnuts
- 4 Tbs olive oil
- 2 Tbs red wine vinegar
- 1 tsp dijon mustard
- 1 large clove of garlic – put through a garlic press
- 8 twists of black pepper
INSTRUCTIONS
- Slice new potatoes in half or quarters (depending on size) and place in a large pot. Cover with cold water and bring to a boil. Turn down the heat to a slow boil and cook for 12 to 15 minutes – until fork tender.
- Trim green bean ends and cut green beans in half.
- Snap off tough ends of asparagus and then slice asparagus into an equal size as the green bean pieces.
- While potatoes are cooking, bring another pot of water to a boil. Once it’s boiling add both the green beans and asparagus to the boiling water. Cook for 4 to 5 minutes.
- Prepare and ice bath (large bowl with half ice and half water). When the green beans and asparagus are ready – drain in a colander and then plunge into ice bath. Let them sit in the ice bath until completely cool.
- Prepare vinaigrette by whisking together olive oil, red wine vinegar, dijon mustard, minced garlic and black pepper.
- Mince red onion and set aside.
- Mince the parsley and set aside.
- Drain the potatoes when ready, add to a bowl, add half the vinaigrette to the warm potatoes and toss to coat the potatoes.
- Drain the green beans and asparagus from the ice bath. Pat green beans and asparagus with paper towel so they are mostly dry.
- Add green beans, asparagus, red onion, parsley and walnuts to potatoes. Toss with the remaining vinaigrette and serve.
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