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!
LOBSTER MAC AND CHEESE
Lobster Mac and Cheese, with succulent pieces of wild caught fresh water lobster, is possibly the best macaroni and cheese recipe you'll find! Now, even though I cheat and use langostino instead of true lobster, once you smother it with the heavenly cheddar gruyere cheese sauce and crisp topping, no one will argue!
Ingredients
- 8 ounces macaroni I used ditalini pasta
- 5 tablespoons butter divided
- 3 cloves garlic minced
- 3 tablespoons all-purpose flour
- 2 cups whole milk
- 3 cups gruyere cheddar cheese grated (see note)
- 1/2 teaspoon freshly ground pepper
- 1/2 teaspoon salt
- 1/4 teaspoon ground nutmeg
- 12 ounces cooked lobster meat see note
- 3/4 cup panko breadcrumbs
- 3/4 cup parmesan grated
- 1 teaspoon garlic herb spices or thyme
Instructions
- Cook the pasta in salted boiling water to al dente doneness. You want them to be cooked but firm since they will continue cooking in the sauce. Drain and set aside.
- Preheat the oven to 400 degrees F.
- While the pasta is cooking, make the cheese sauce. Over medium heat, melt 3 tablespoons of butter with the garlic. Allow to cook for a few minutes until fragrant. Whisk in the flour and allow to cook for several minutes to form a roux.
- Add the milk to the roux and whisk well to combine. Bring milk to a simmer and allow to cook for several minutes, continually whisking. It should thicken slightly. Remove from heat and stir in grated cheese, salt and pepper, and nutmeg.
- Add lobster meat and cooked pasta to the cheese sauce.
- Divide mac and cheese between 6 ramekins or transfer to a baking dish.
- Melt remaining 2 tablespoons of butter and combine in a small dish with the breadcrumbs, parmesan, and herbs. Spread evenly over mac and cheese. Bake in preheated oven for 15 minutes or until the top is golden brown.
- Serve hot.
Recipe Notes
- I used a gruyere cheddar blend from Trader Joe's, but you can also do equal parts of gruyere and cheddar.
- Langostino can be used in place of lobster.
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