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!
THAI BASIL CHICKEN MEATBALLS
We’re knee deep in Spring Break madness over here in North Texas, and unlike most years past the BurntToast family is sitting tight and not traveling. Instead, choosing to create a “staycation” for the record books. We’ve already hit the park and the petting zoo, played with friends and picnicked and today we have some bowling and dinner on tap. It’s been good and relaxing and with the exception of a very few small sibling tussles, it’s even been surprisingly peaceful.
Of course, the only reason why we didn’t travel like we have in previous years was because I dropped the ball. I’m not sure why, but the idea of planning a trip this year was completely out of my realm of understanding, I couldn’t put the steps together, couldn’t think of a place to go and finally, once I had decided, realized it was way too late to get started.
INGREDIENTS
- For the Meatballs:
- 3 cloves of garlic, minced
- 1 inch piece of ginger, grated
- 1/4 cup minced Thai Basil (regular if you can't find Thai)
- 1 jalapeno pepper, seeds removed, finely diced
- 1/4 finely minced white onion
- 3 tablespoons soy sauce
- 1 piece of bread, toasted and blended into bread crumbs
- 1 lb ground chicken
- Salt and Pepper
- For the Sauce:
- 1/3 cup of soy sauce
- 1 teaspoon grated fresh ginger
- 1/4 cup minced Thai Basil
- 2 Tablespoon coconut sugar
- juice from 1/2 lime
DIRECTIONS
- STEP 1 Preheat oven to 400.
- STEP 2 In a medium bowl, combine all the ingredients for the meatballs and, using your hands, work to combine.
- STEP 3 Be sure not to overwork or you’ll have tough meatballs!
- STEP 4 Form into lacrosse ball sized balls and place on a baking sheet covered in parchment paper.
- STEP 5 Bake for 15 minutes.
- STEP 6 In a medium skillet, heat 1 teaspoon oil until shimmering and add meatballs, cooking quickly just to brown them nicely. (this step is optional but I like the deep color that they get from doing this).
- STEP 7 Remove from pan and keep warm.
- STEP 8 Without wiping out the pan, add in ginger and cook, stirring, for 30 seconds or until fragrant.
- STEP 9 Add in soy sauce and sugar, stirring to combine.
- STEP 10 Heat for a few minutes until thickened, stirring, and then add in basil and meatballs.
- STEP 11 Spoon sauce over meatballs until coated.
- STEP 12 Serve over rice with steamed veggies.
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