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!
Around the World in Twelve Plates – Japanese Chicken Curry
I can’t even begin to tell you what these first 3 weeks of school have been like for our family. Suffice it to say that if your teen ever changes high schools, make sure that you know all the policies surrounding the switch…including those related to high school athletics. To make a really long and emotional story short, our family ended up having to appear before an appeals committee to prove that he didn’t move schools for athletic reasons. It was quite surreal having to defend him against these accusations; a boy who is the kindest, quietest, most respectful boy I know. It was also disappointing for him (and us) to see how petty and vile adults can be when they are given ridiculous power over children. It was the first time that someone else was making a decision for my son other than me and it was terrifying.
Don’t worry though, the story does indeed get better! His appeal was accepted and he has been able to play football (and other sports) at his new high school. In case you are wondering why he switched schools to begin with, he was drawn to the commercial cooking course that was available at his new school. He wants to be a chef and I couldn’t be more proud! Since starting school he has come home every day telling me what he’s learned and I know the day is coming when he’ll tell me I am doing a technique wrong or criticize my knife skills.
Ingredients
- 2 tbsp canola oil
- 2 medium onions; cut into large pieces
- 3 cloves garlic; peeled and minced
- 1 inch piece ginger; peeled and minced
- 1 lb chicken thighs; cut into bite size pieces
- salt and pepper
- 2 small sweet potatoes; peeled and cut into large pieces
- 2 large carrots; peeled and cut into large pieces
- 4 cups chicken stock
- 1 apple
- 1 tbsp honey curry roux
- splash of acid; either lemon juice or rice wine vinegar or ketchup
- CURRY ROUX
- 3 tbsp butter
- 4 tbsp flour
- 1 tbsp curry powder
- 1 tbsp garam masala
- 1/2 tsp cayenne pepper
Method
- Add canola oil to a large pot, then add diced onion. Cook until the onion begins to soften then add the garlic and ginger. Cook a few more minutes.
- Add chicken pieces, season with salt and pepper, then cook until they have changed colour with intermittent stirring.
- Add sweet potatoes and carrots then cover with chicken stock. Grate the apple into the pot and add the honey. Simmer for 20 minutes.
- While the chicken is simmering, make the Curry Roux.
- Melt the butter in a heavy bottomed pan and stir in the flour. Stir continuously for 20-30 minutes until the roux changes colour and looks like a copper penny.
- Add the spices to the roux and cook for another minute, stirring continuously.
- Add enough ladles of the simmering chicken stock to the roux so that it becomes somewhat fluid. Add roux/stock into the simmering chicken pot.
- Add your splash of acid.
- Serve with rice and some sort of pickle; pictured below is pickled ginger but you can pickle daikon or garlic scapes as well. You can also add a soft boiled egg.
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