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!
Restaurant-Style Chicken Pad Thai (Ready in 30 Minutes!)
This easy Chicken Pad Thai recipe is everything! Tastes just like takeout — and ready at home in 30 minutes!
Pad Thai is one of my favorite meals— in fact, in was one of the only foods I could tolerate while pregnant. Since our go-to Thai restaurant is a little out of the way, my husband (the chef in the family) created his own version that can totally stand up to take-out.
This easy Chicken Pad Thai recipe is everything! Tastes just like takeout — and ready at home in 30 minutes!
Ingredients
- 1 box Pad Thai style rice noodles this is one of our favorite types of Pad Thai Rice Noodles and is pictured above
- 1 cup Pad Thai sauce
- 1 lb chicken cubed
- 1 lb shrimp peeled and coarsely chopped
- 4 eggs
- 2 small yellow onions sliced thinly
- 1 cup mushrooms sliced
- 2 cups fresh mung bean sprouts may substitute with canned
- 1-2 bunches green onion chopped
- 1 bunch cilantro chopped
- 1 TB soy sauce
- 1 TB Mirin sweet Japanese cooking wine
- 1/2 cup peanuts chopped
Instructions
- Prepare noodles according to instructions on package and set aside. (You can do this while you are cooking the other ingredients.)
- Saute onions until caramelized. Set aside in large mixing bowl.
- Saute chicken (may use the same pan in which you cooked the onions) with soy sauce and mirin. When chicken is partially cooked, add shrimp, 1 cup of mung bean sprouts (they will cook down-- this is a great way to hide more veggies for the kids), and mushrooms.
- When mushrooms start to soften, remove all ingredients from pan and add to large mixing bowl with the sautéed onions.
- Scramble eggs and add to mixing bowl.
- Add noodles, green onions, remaining cup of mung bean sprouts, and sauce. Stir until ingredients are well-combined.
- Add cilantro and nuts to garnish.
Recipe Notes
Note: Nutrition information is a rough estimate only; actual values will vary based on the exact ingredients used and amount of recipe prepared.
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