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!
Eggs Benedict with Zucchini Pancakes
Ingredients- 1 tablespoon white vinegar
- 4 extra-large eggs, at room temperature
- 4 slices Canadian bacon
- 4 Zucchini Pancakes
- 1 recipe easy hollandaise sauce
Instructions
- Preheat the oven to 275°F.
- Heat about 3 inches of water in a large, shallow saucepan over medium heat until bubbles form around the edge. Add the vinegar.
- In another saucepan of similar size, heat 3 inches of water to 130°f on a candy thermometer. Remove from the heat and cover to keep warm.
- Working quickly with one egg at a time, carefully break each egg into a small custard cup and then gently slide the egg from the cup into the barely simmering vinegar-water. When all of the eggs have been added, cook until the whites are just set but the yolks are still very loose, about 2 minutes.
- Using a slotted spoon, carefully lift the barely cooked eggs, one at a time, and place them into the 130°F water. Cover and let rest for 15 minutes. You should, from time to time, check the temperature of the water. If it falls below 130°F, slowly add enough boiling water to bring the temperature back up.
- Place the Canadian bacon in a large nonstick frying pan over medium- high heat. Fry, turning occasionally, until just lightly browned around the edges, about 4 minutes. Remove from the heat and place on a baking sheet in the preheated oven to keep warm if the eggs or pancakes aren’t done yet.
- Place a warm pancake in the center of each plate and top with a slice of Canadian bacon. Using a slotted spoon, lift the poached eggs, one at a time, from the water and pat gently with a clean kitchen towel to remove excess water. Place an egg on top of the bacon (if the edges of the eggs are a bit ragged, carefully trim them with a small knife or kitchen scissors).
- Spoon about 3 tablespoons of the hollandaise sauce on top of each egg, sprinkle with chopped parsley, and serve immediately.
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