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!
SOUTHERN BUTTERMILK BISCUITS
Tall, fluffy, flaky buttermilk biscuits with crisp edges and soft, tender middles are just a few minutes away. Quick, easy, and with these secrets, you can make perfect biscuits every time.
Ingredients
- 2 1/4 cups White Lily self-rising flour cold
- 6 tablespoons unsalted butter extremely cold and cubed
- 1 cup buttermilk very cold
- 1/2 tsp kosher salt
- 1 tbsp butter melted
- Extra flour for hands and surface
Instructions
- Preheat oven to 450 degrees F. In a large bowl, cut the butter into the flour with a pastry blender/pastry cutter. Blend until the butter is the size of peas. Pour in buttermilk and gently stir with spoon until dough is just put together and the flour is a shaggy dough, do not over mix .
- This is optional, but cover your dough with plastic wrap and put in the fridge for five to ten minutes to cool the dough or keep it cold while you clear your workspace.
- Working quickly, take your dough and mold it into an 1/2-inch thick rectangle on a well-floured surface using your well-floured hands. Fold dough in thirds or cut in half and flatten out again. Repeat this quickly, about three or four times. You've just created layers.
- Flatten into a 1/2-inch thick rectangle once again using well-floured hands. Using a biscuit cutter or glass cup that has been floured, use the press down/lift up motion to cut out biscuits as close to one another as possible and transfer them onto a parchment lined baking sheet or plate (whatever fits in your freezer). Freeze for 2-5 minutes.
- Put biscuits on parchment lined baking sheet, either against each other for soft edges or apart for crisp edges, and put into the oven for 15-17 minutes. They should be slightly golden brown, tall, and fluffy. Brush with melted butter.
- Eat hot, with homemade honey butter, or drizzle a little honey on top. Spread some jam in the middle, get some gravy, whatever your heart desires.
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