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!
PROSECCO MARGARITAS {BIG-BATCH COCKTAIL}
The recipe for these Prosecco Margaritas is in big-batch cocktail form, perfect for entertaining. And you just have to love the bubbles!
There is just nothing like a crisp, cold margarita to sip on while enjoying a Mexican meal. Both sweet and tart, this bevvy contrasts in the most beautiful way with the flavors and spices of Mexican cuisine.
But who am I kidding?
I like a margarita even without an awesome taco salad or my family’s favorite carnitas!
I created this Prosecco Margaritas recipe in big-batch cocktail form. Measuring is done ahead of time, so all you have to do is divide the margarita mixture amongst glasses when your friends arrive. Then top it off with chilled bubbles of Prosecco, and sit back and enjoy. It is PERFECT for entertaining!
The recipe for these Prosecco Margaritas is in big-batch cocktail form, perfect for entertaining. I love the bubbly effect from the Prosecco!
INGREDIENTS:
- 3 oz. blanco tequila, or to taste
- 3 oz. Cointreau®
- 4 oz. chilled simple syrup*, or to taste
- 8 oz. freshly squeezed lime juice, or to taste
- 1 750-mL bottle chilled Prosecco (preferrably on the sweeter side, such as Dry or Demi-Sec)
- coarse salt, to rim glasses
- fresh lime wedges, for garnish
DIRECTIONS:
- * Simple syrup is super easy to make, and takes only about 5 minutes! In a medium saucepan over medium-high heat, stir together 1 cup sugar and 1 cup water. Bring to a boil, stirring, until sugar has dissolved. Allow to cool to room temperature, and then store chilled in the refrigerator for up to a month. Use to sweeten any of your favorite beverages.
- In a small to medium-sized jar or bowl, add the tequila, Cointreau, simple syrup, and fresh lime juice. Prepare this mixture at least a couple hours prior to serving the margaritas, and place in refrigerator to chill.
- This recipe will make 6 smaller or 4 medium-sized margaritas. Gather 4 to 6 glasses and get started! If salting the rims of your glasses, run the cut edge of a lime wedge around the rim of a glass and dip the rim into a small plate of coarse salt. Repeat with remaining glasses.
- Add ice to prepared glasses and divide the tequila mixture amongst the glasses. Top with Prosecco, dividing evenly amongst the glasses. Give a little stir to combine, and then taste test. Adjust for individual tastes by adding more simple syrup for extra sweetness and lime for tartness, plus extra tequila for those who like a bit more tequila bite. Squeeze a lime wedge over the top and add another one to the rim of the glass. Enjoy!
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