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!
CHOCOLATE CHIP COOKIES FROM THE VANILLA BEAN BAKING BOOK
These chocolate chip cookies are like no other. They are big-as-your-head and ultra flat, with a soft and chewy center, surrounded by crinkly, wrinkly prettiness that is the perfect texture of crispy.
INGREDIENTS:
- 2 c. (284 g) all-purpose flour
- 1/2 tsp. baking soda
- 3/4 tsp. kosher salt
- 1/2 lb. (2 sticks) unsalted butter, at room temperature
- 1-1/2 cups (297 g) sugar
- 1/4 c. (50 g) packed brown sugar
- 1 large egg
- 1-1/2 tsp. pure vanilla extract
- 2 T. water
- 6 oz. (170 g) bittersweet chocolate, chopped into bite-size pieces averaging 1/2″ with some smaller and some larger
DIRECTIONS:
- Adjust an oven rack to the middle position. Preheat the oven to 350°F. Line three baking pans (I find that commercial-grade 12″ x 17″ rimmed pans give me the best results with this recipe) with aluminum foil, dull side up. This helps create the crinkles in the cookies and lends an extra-crisp, golden brown bottom.
- In a small bowl, whisk the flour, baking soda, and salt.
- In the bowl of a stand mixer fitted with a beater blade, beat the butter on medium until creamy, about 2 minutes. Add the sugar and brown sugar and beat on medium until light and fluffy, 2 to 3 minutes. Add the egg, vanilla, and water and mix on low to combine. Add the flour mixture and mix on low until combined. Add the chocolate and mix on low into the batter.
- the dough into balls weighing 3-1/2 ounces (100 g) each. This is approximately a heaping 1/3 cup each. I wanted my cookies to match Sarah’s as much as possible and measured each dough ball with a kitchen scale. If you make the dough balls smaller, you won’t get as many ridges on the outer layer, and your centers won’t be as gooey. Place four balls an equal distance apart on prepared pan and transfer to the freezer for 15 minutes before baking. Do not skip freezing the dough, as it’s essential in keeping the dough from spreading too much, and aids in the creation of the crinkly outer layer. After putting the first baking pan in the oven, put the second one in the freezer.
- Place the chilled baking pan in the oven and bake 10 minutes, until the cookies are puffed slightly in the center. Lift the side of the baking sheet up about 4″ from the oven rack and let it drop down against the rack, so the edges of the cookies set and the inside falls back down. To quote Sarah, “this will feel wrong, but trust me”. After the cookies puff up again in 2 minutes, repeat lifting and dropping the pan. Repeat a few more times to create ridges around the edge of the cookie. Bake 16 to 18 minutes total, until the cookies have spread out and the edges are golden brown but the centers are much lighter and not fully cooked.
- Transfer the baking pans to a wire rack; let cool completely before removing the cookies from the pan.
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