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!
DUBLIN CODDLE (IRISH BACON, SAUSAGE, POTATO, AND ONION STEW)
Dublin Coddle is a comfort food associated with the Irish capital. It is a hearty stew of bacon, sausage, potatoes, and onions, popular ingredients in Irish cooking.
The days just seem to fly by and the holidays come and go so quickly, it takes my breath away. Maybe it is because I write a food blog and I keep track of the holidays so that you, my dear readers from all over the globe will have recipes that you may want to try. In a way, it is fun and interesting as I get to experiment with all kinds of dishes that I would not otherwise cook. It broadens my horizon and palate and I learn new things each and every day. Of course the family gets to enjoy the food too as what you see on the blog is what we eat. If it does not pass the taste test, it will not appear here.
Dublin Coddle is a comfort food associated with the Irish capital. It is a hearty stew of bacon, sausage, potatoes, and onions, popular ingredients in Irish cooking.
Ingredients
- ½ lb bacon (225g)
- 1 lb pork sausages (450g)
- 2 onions (sliced)
- Ground pepper to taste
- 12 oz leeks (sliced) (340g)
- 2 cloves garlic (minced)
- ½ tsp dried thyme
- ¼ cup chopped parsley
- 2 bay leaves
- 1½ lbs potatoes (peel and cut into chunks) (675g)
- 3 cups ham or chicken stock (720ml)
- Salt to taste
Instructions
- Cook bacon in a Dutch oven until just starting to crisp. Remove and drain on paper towels. Cut into halves length-wise and then halves cross-wise. Set aside. Reserve bacon fat in a bowl.
- In the same Dutch oven cook sausages until evenly brown, adding a little bacon fat if necessary. Remove and cut into halves length-wise then halves cross-wise. Set aside.
- Add a tablespoon of reserved bacon fat back to Dutch oven. Cook onions for 2 to 3 minutes until soft but not brown.
- Layer cooked onions, sausages, and bacon at the bottom of the Dutch oven. Season with lots of pepper.
- Add leeks, garlic, dried thyme, chopped parsley, and top with a layer of potatoes. Season with more pepper and salt to taste.
- Pour in the stock. Cover and bring stock to a boil.
- Transfer to a preheated 350°F (180°C) oven for 35 minutes or until potatoes are tender.
- Serve with chunks of soda bread.
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