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!
TRDELNIK RECIPE (CZECH WALNUT CINNAMON PASTRY)
Trdelnik is a traditional Czech pastry dough, wrapped around a stick, rolled in cinnamon-walnut and sugar mixture and baked to a crispy perfection.
INGREDIENTS
- 480 grams (16.95 oz) all-purspose flour
- 5 tablespoons flour
- 150 ml (7/8 cup) milk
- 5 tablespoons butter, melted and slightly cooled
- 2 eggs
- 1 teaspoon active dry yeast
- 2 tablespoons sugar
- 1 teaspoon salt
- olive oil, for greasing trdlo sticks
- For the topping
- 1 cup walnuts
- 5 tablespoons sugar
- 1 teaspoon cinnamon powder
INSTRUCTIONS
- In a large bowl, combine sifted flour, 2 tablespoons sugar, yeast and salt.
- In a medium bowl or large glass, whisk together 2 egg yolks, milk and melted butter.
- Combine dry and liquid ingredients and mix well. The dough will be quite dense.
- Form the dough into a ball, place it in a bowl, cover and let it rise in a warm place until it almost doubles in volume.
- Meanwhile, roll old magazines into a stick and secure it with a cooking twine. Tightly cover each stick with aluminum foil and tuck edges inside of a magazine.
- Place walnuts into a tightly closed zip-lock bag and pound it with a rolling pin until walnuts are nicely chopped. Transfer the walnuts into a medium bowl and combine them with sugar and cinnamon.
- In a small bowl, beat the egg whites until foamy.
- Preheat the oven to 390 F.
- When the dough increased in size, on a lightly floured surface roll it into a disk approximately 2-3 millimiters width.
- Using a small knife, slice the disk lengthwise into 10-15 mm thick strips (thickness doesn't matter much).
- Grease each trdlo stick with olive oil. Tightly wrap strips of dough around trdlo sticks making sure each strip slightly overlaps each other.
- Each trdlo stick should fit up to 3 trdelnik pastries with 1 inch distance between them.
- Brush each trdelnik with egg white and generously coat into a walnut and sugar mixture.
- Place trdlo sticks on a rimmed baking dish making sure pastry doesn't touch the bottom or sides of a dish.
- Bake trdelnik for 15-20 minutes until it's golden on each side.
- Remove trdelnik from the oven and slowly slide off the trdlo stick.
- Enjoy!
NOTES
Recipe is adapted from https://webspoon.ru/receipt/cheshskoe-pechene-trdlo
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