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!
Koeksusters (South African Donuts)
A few months ago I posted this recipe on the Spanish side of this blog. I was participating in a culinary challenge, where a food blogger chooses a country and then we all try and post a recipe from the chosen country. And that month it was my turn to choose. I chose South Africa. I wanted it to be some Africa country because my husband grew up there and the meals I’ve tried are so delicious, I knew I wouldn’t be disappointed.
This fritter or donut recipe comes from my friend Vonnie who is from South Africa and lives here in Paraguay. My family and her family got to spend a couple of Christmas together a few years back. She brought a few South African desserts and one of those were these delicious koeksusters. And since then, I’ve been wanting to make them.
These fritters are spongy and are soaked with a tasty syrup. I recommend that you serve them on a plate or just eat them outside, especially if you’re serving this to kids. These koeksusters are finger-licking good!
These South African fritters or donuts (koeksusters) are a little crunchy on the outside and soaked in a delicious cinnamon-ginger syrup.
Ingredients
- Syrup:
- 2-1/4 cup sugar (500g)
- 1-1/4 cup water (375ml)
- half lemon juice
- 1 cinnamon stick
- 1 piece of about 5 centimeters of peeled ginger
- Dough:
- 2 cups flour (271g)
- 2 teaspoons baking powder
- 1/4 teaspoon salt
- 1 teaspoon sugar
- 3 teaspoons cold butter (15g)
- 1 egg
- 1/3 cup water (100ml)
- 2 tablespoons milk (25ml)
- Oil for frying
Instructions
- For the syrup:
- Add all the ingredients in a medium saucepan. Cook over high heat and when it begins to boil, cover with a lid and let cook for a minute. Lower the heat and uncover, and let it boil for 3 minutes. Cool in the refrigerator for at least 6 hours before using.
- Fritters:
- In a large bowl, add the flour, baking powder, salt, sugar and cold butter. Mix with 2 knives or with a fork until mixture resembles fine crumbs.
- Add the egg, water and milk. Using an electric mixer with the dough hook, beat for 3 to 5 minutes until the dough is smooth. Cover and let stand 6 hours.
- After 6 hours of rest, heat the oil over low heat in a large pan.
- Divide the dough into 8 balls. Roll each ball in a thin strip. Divide each strip into 3. Gather the 3 ends and make a braid. Follow this step with each dough portion.
- Fry each braid for 2 minutes on each side, or until golden brown. Immediately add the braids to the syrup; turning so that both sides absorb the syrup.
- Serve immediately or store in the refrigerator and serve cold.
Recipe Notes
Two very important things: One, the syrup needs to be very cold. Two, add the donuts in the syrup immediately after removing from the oil.
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