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!
Philly Cheesesteak Pasta
This easy Philly Cheesesteak Pasta combines ground beef, onions, peppers, mushrooms, provolone and penne pasta into a delectable creamy family favorite.
Our family always seems to be on the run! Mornings are probably the most hectic time trying to get ready for work and school but the dinner hour comes in as a close second. Meal solutions that come together quickly are great for our busy family. We always have eight things going on at once. There is homework, school activities, laundry, pets to take care for and errands to run. This delectable Philly Cheesesteak Pasta comes together in less than thirty minutes and has only ten ingredients including salt & pepper. You may already have several of these ingredients in your pantry. In a super big hurry? You can brown the ground beef up to a couple of days in advance and store in the fridge.
Ingredients
- 8 ounces penne pasta
- 1 1/4 lbs ground beef
- 2 tablespoon butter
- 8 ounces white button mushrooms sliced
- 1 medium onion chopped
- 1 green pepper chopped
- 1 (10.5 ounce) can french onion soup
- 2 tablespoons Worcestershire sauce
- 1 tablespoon cornstarch
- 1/3 lb coarsely chopped provolone cheese
- Salt & pepper to taste
Instructions
- Cook noodles according to package instructions. Drain well.
- Meanwhile in large skillet over medium heat brown ground beef. Remove to plate leaving any fat in the pan. Melt 2 tablespoons of butter over medium high heat. Swirl the butter several times to keep from burning. Add mushrooms and cook until almost golden brown: approximately 5 minutes. Add onions and peppers and cook additional 2-3 minutes.
- Reduce heat to low. Stir in french onion soup and Worcestershire sauce. In small bowl whisk together cornstarch and 2 tablespoons cold water. Whisk mixture into skillet and cook for 2 minutes or until slightly thickened. Add browned beef and cooked pasta to skillet with vegetables. Add chopped provolone, cover and melt cheese. Salt & pepper to taste.
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