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!
Turkey, Spinach & Cheese Meatballs
There’s always excitement at my house when meatballs are on the menu, but I wasn’t sure how the kids would feel about these because, well, spinach. But they loved them, spinach and all. What makes them special is the addition of turkey sausage. Not only does the sausage make the meatballs tender, it also adds great flavor without the need for a ton of other ingredients. To make life easy, I brown the meatballs under the broiler rather than in a frying pan. That means no stovetop splatters, and you can get the rest of dinner ready while the meatballs cook.
Ingredients
- 1 tablespoon extra virgin olive oil
- 1 large egg
- 3 ounces baby spinach, chopped (3-1/2 cups whole; 1-1/2 cups chopped)
- 3 scallions, white and green parts, finely sliced
- 3 garlic cloves, minced
- 1.25 pounds 93/7 ground turkey (I use Shady Brook Farms)
- 1.25 pounds Italian turkey sausage, removed from the casings (I use Shady Brook Farms)
- 1 cup shredded mozzarella (preferably whole milk but low-fat will work)
- 1/3 cup grated Parmigiano Reggiano, plus more for serving
- 1/2 cup Italian seasoned bread crumbs
- 1 (24 oz) jar marinara sauce, homemade or good quality store-bought
Instructions
- Preheat the broiler and set an oven rack on the second-highest rack. Line a baking sheet with heavy duty aluminum foil and grease with the olive oil.
- In a bowl large enough to hold all of the ingredients, beat the egg. Add the chopped spinach, scallions, and garlic and stir until evenly combined. Add the ground turkey, turkey sausage, mozzarella, Parmigiano-Reggiano and bread crumbs. Using your hands, mix until evenly combined. Shape the mixture into 1-1/2 inch balls and place on the prepared baking sheet.
- Broil the meatballs until golden brown on top, about 10 minutes.
- Meanwhile, heat the tomato sauce in a large pan on the stovetop. Add the broiled meatballs and simmer over low heat for 5 to 10 minutes, or until the meatballs are fully cooked.
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