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!
BRILLIANT RICE SALAD
My dear friend Eli once cooked me a delicious rice salad when we were both living in London in the early 2000s.
As an Australian-born Chinese, I’ve eaten a lot of rice. I’ve had it steamed, fried, and boiled until it collapsed into a congee (jook jook). I’ve had a glutinous dough form of it wrapped around sweet bean pastes and rolled in shredded coconut and sesame seeds. I’ve had it infused with coconut milk (nasi lemak) and cooked in Chicken stock (Hainanese chicken rice).
But I’d never eaten rice cold in a salad before. The thought had never even crossed my mind as the only rice salads I’d come across had looked drab and unappetising – they seemed like afterthoughts rather than the main event.
So Eli’s rice salad with nuts, seeds and fruits was a revelation.
INGREDIENTS
- 2 cups of rice
- Water
- 1 tablespoon turmeric
- 1 teaspoon cumin
- 1 teaspoon coriander
- 4 medium vine-ripened tomatoes
- 1/6 diced Spanish onion
- 30 grams pumpkin seeds
- 30 grams pine nuts
- 40 grams sultanas
- 50 grams diced apricot pieces
- 4 spring onions, finely diced
- 1 handful fresh herbs e.g. basil, parsley and mint
- 3 tablespoons garlic infused olive oil
- 2 teaspoons red wine vinegar
- 1 teaspoon honey
- 1-2 tablespoons freshly squeezed lemon juice
- Salt & pepper
METHOD
- Cook rice according to your usual method (I use my rice cooker) with your usual amount of water, adding turmeric, coriander and cumin to the cooking water. I figure out the quanity of water required by adding it until it reaches the first section of my pointer finger so I’m afraid I can’t be more specific about how much you’ll need in your rice cooker or saucepan.
- Once the rice is cooked, leave it to cool, spreading it out in a wide dish to hasten the cooling process.
- Dice tomatoes and then scatter over the rice, along with the onions, pumpkin seeds, sultanas, apricot pieces, spring onions, and fresh herbs.
- Make a dressing by combining the garlic olive oil with the red wine vinegar, honey and lemon juice. Grind fresh pepper and add a teaspoon of salt flakes. Sprinkle over the rice and then mix thoroughly. Taste and adjust seasoning if required.
- Serves 6.
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