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!
Asian Garlic Tofu with Rice
I love that this dish is so simple, yet booming with flavor. Tofu is marinated in a sticky sweet sauce made with hoisin, garlic, and soy sauce. If you're not familiar with hoisin, I hope you get familiar! It's like a thick, flavorful Asian BBQ sauce. (Yes!) The first time I used it was for this Vegetable Lo Mein and knew I had to start working it into more meals. The wonderful flavor and texture is perfect for an easy marinade. I love serving this dish alongside fresh steamed veggies!
Ingredients
- 1 lb. extra firm tofu
- 1 cup dry rice (or quinoa)
- 4-5 green onions
- 1-2 Tbsp. sesame oil or olive oil
- Optional: red pepper flakes, sesame seeds for topping
- {For the Asian garlic sauce}
- 1/4 cup hoisin sauce (I recommend Wok Mei brand for gluten-free)
- 2 Tbsp. soy sauce or tamari
- 2-3 cloves garlic, minced
Directions
- In a shallow pan, add the 3 ingredients for the sauce. Stir to combine.
- Press the tofu between towels to remove excess moisture. Cut into about 1 inch cubes.
- Add to the sauce and gently toss until thoroughly coated. Cover and place in fridge to marinate for at least 30 minutes.
- Cook rice according to package directions. Meanwhile, slice green onions.
- In a skillet, heat 1-2 Tbsp. oil over medium heat.
- Add the marinated tofu and spread out in a single layer. Cook without stirring for 5 minutes or until browned on one side. Flip them, and cook for another few minutes.
- Add the green onions for the last minute or two of cooking. Sometimes I add a little more hoisin if it dries out too much.
- Serve over a hot bed of rice (or quinoa).
*Note: if you'd like to reduce the sodium content, replace 1 Tbsp. of the soy sauce with vegetable broth or water.
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