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!
MATCHA CREAM TARTS WITH CHOCOLATE CRUST
I originally posted my Matcha Cream Tarts with Chocolate Crust on my Instagram account, and they became one of my most popular recipes over there! I’ll be posting some of the other favourites here too occasionally, that way instead of only having the option of snapping a photo of the recipe on your phone, there’s also print or saving it as a pdf, plus there’s pinterest too.
Here are some more of my tart recipes, if you’d like to check them out: vegan custard tarts, lemon curd tart and no-bake chocolate tarts.
INGREDIENTS
CRUST:
- 1/2 cup desiccated coconut
- 3/4 cup raw walnuts
- 5 medjool dates, pitted and chopped into small pieces
- 1 1/2 tbsp cocoa or cacao powder
- pinch of salt
FILLING:
- 3/4 cup raw cashews, soaked in a bowl of water overnight, then drained and rinsed*
- 1/2 cup canned coconut milk
- 1 tbsp coconut oil
- 1 tbsp rice malt syrup, or to taste
- 1 tsp matcha powder, or to taste**
- 1/2 tsp vanilla extract
INSTRUCTIONS
- Preheat oven to 180C. Line a baking tray with baking paper. Add the desiccated coconut to the tray, and bake for 3-4 minutes, or until toasted. Keep on eye on it, as it happens quickly! You can also skip this step and use the coconut as is too.
- Place the coconut along with the rest of the crust ingredients into a high speed blended or food processor. Process until the mixture sticks together. Press into the tart shells.
- Rinse the blender or food processor out and place all the filling ingredients (starting with the wet, as this makes it easier to blend), and process until smooth. Pour into the tart shells and refrigerate until set.
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