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!
Balinese Gado Gado Recipe – Mix Vegetables in Peanut Sauce
Gado Gado is a popular Balinese recipe for mixed vegetables in a delicious peanut sauce. The name actually means “mix- mix” referring to the mixing of vegetables. It usually consists of snake beans and bean sprouts but any seasonal greens can be substituted. It’s common to include fried tofu or the very traditional Tipat (compressed rice cake) in the salad.
Balinese Gado Gado Recipe
This popular Indonesian recipe is really simple to make and fabulous to enjoy in summer. Although you don’t need a Thermomix to make the dish, I wanted to include the recipe on the website. Previously I’ve already shared my Balinese Peanut Sauce and the sauce is used as the dressing for Gado Gado.
Ingredients
- 250 g snake beans regular beans can be substituted
- 150 g asparagus spears fresh, cut in half
- 1000 g hot tap water
- 200 g bean sprouts
- 200 g hard tofu cut in 2-3cm cubes
- 3/4 cup Peanut Sauce amount depending on personal taste
- 1 lime to serve
- 1 TBS peanuts to serve
- 1 TBS oil
Instructions
- Chop beans in half and add to the internal steam basket.
- Place the trimmed halved asparagus in the large Varoma dish.
- Add 1000g hot water to the TM bowl. Place the internal steam basket in the TM bowl and add the lid then the Varoma tray. Steam vegetable 11min/Varoma/Speed 3.
- Heat a frying pan with oil and lightly fry the tofu, then drain on absorbancy paper.
- In a large serving bowl mix the peanut sauce, bean sprouts, 1/2 the asparagus, tofu and steamed beans gently.
- Arrange the Gado Gado on a plate. Serve with remaining asparagus and top with deep fried shallots and lime wedges.
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