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!
Thai Steak and Green Bean Stir Fry
Fresh green beans, ginger, and garlic are quickly sauteed with tender strips of beef before being tossed in a light savory sauce to create this Thai Steak and Green Bean Stir Fry. I’m all for quick and easy dinners most nights and this one absolutely qualifies.
Unlike most stir-fries, this wholly savory stir-fry has no sweet and sour or sweet and spicy component. It is simply savory and delicious without any added sugars. Sean really loves this dish. (The rest of us do as well, but this is one of his personal favorites.)
A splash of fish sauce adds a unique savory flavor to this dish. Fish sauce is frequently used in both Thai and Vietnamese foods. If you are unsure of the fish sauce or unable to find it, soy sauce can be substituted. I make this recipe both ways, as my kids prefer the soy sauce version.
f you’re craving more delicious stir-fry dinners to get dinner on the table fast, check out the Sriracha Honey Cashew Chicken, Spicy Pork with Asian Greens, or Korean Jap Chae. (This is the glass noodle stir fry that I love.) This Hibachi Style Garlic Steak and Shrimp sounds incredible, as does this Orange Teriyaki Beef with Noodles.
Ingredients
- 1 teaspoon coconut oil or light flavored olive oil
- 1 lb skirt steak cut against the grain into very thin strips
- 1 lb green beans trimmed
- 3 inch piece of ginger about 1/4 cup peeled and cut into very thin matchsticks
- 4 cloves garlic minced
- 2 tablespoons water
- 2 tablespoons fish sauce or soy sauce
- 1/2 cup fresh basil leaves roughly chopped, plus more for topping
- cooked rice for serving
Instructions
- In a very large skillet, warm the oil over medium-high heat. Add the steak and cook, tossing or stirring constantly just until browned, about 4 minutes. Remove the cooked steak to a plate.
- Add the green beans, ginger, and garlic to the juices left in the skillet. Toss to combine, add water, and cover with lid. Continue cooking over medium-high heat for 5 minutes. Uncover and continue tossing the steak and green beans in the skillet constantly until the green beans are crisp-tender, about 5-7 minutes.
- Return the beef and any juices to the skillet along with the fish sauce and basil. Toss quickly to coat and cook about a minute. Sprinkle with more basil, if desired and serve immediately, by itself or over rice. Enjoy!
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