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!
CRUNCHY ASIAN RAMEN NOODLE SALAD
This Crunchy Asian Ramen Noodle Salad recipe is quick and easy to make, tossed with a simple sesame vinaigrette, and perfect for picnics and potlucks!
Alright, show of hands.
Who else grew up eating ramen noodle salad? ? ? ?
Chances are that if you grew up in the Midwest, this salad crossed your path at least a time or two. My mom used to make it regularly when we were kids, and brought it along to every potluck, picnic, and church function imaginable. And we always, always came home with an empty bowl.
What can I say — people love this salad!
This delicious Crunchy Asian Ramen Noodle Salad recipe is tossed with a simple sesame vinaigrette…and tastes absolutely delicious!
INGREDIENTS:
- SALAD INGREDIENTS:
- 1 (16-ounce) bag coleslaw mix
- 2 (3-ounce) packages of ramen noodles*, crumbled (you will not use the seasoning packet)
- 1 cup shelled and cooked edamame
- 1 avocado, peeled, pitted and diced
- 1 mango, peeled, pitted, and julienned (or diced)
- 1/2 cup thinly-sliced almonds
- 1/2 cup thinly-sliced green onions (scallions)
- Asian honey vinaigrette (see ingredients below)
- ASIAN HONEY VINAIGRETTE
- 1/2 cup avocado oil (or vegetable oil, or any cooking oil)
- 1/4 cup honey (or your desired sweetener)
- 1/4 cup rice vinegar
- 2 teaspoons soy sauce
- 1/4 teaspoon toasted sesame oil
- pinch of salt and black pepper
DIRECTIONS:
- TO MAKE THE SALAD:
- Heat oven to 425°F. Spread the crumbled ramen noodles and sliced almonds out on a baking sheet, and stir a bit to combine. Bake for about 5 minutes, or until the almonds and noodles are slightly toasted and golden. Remove baking sheet, and give the mixture a good stir to toss. Then return it to the oven and toast for an additional 3 minutes. Keep a very close eye on the mixture so that it does not burn. Remove and set aside.
- Add ingredients (including the vinaigrette) together in a large bowl, and toss until combined.
- Serve immediately, or cover and refrigerate for up to 3 days. (This salad is much better eaten the first day, as the noodles lose their “crunch” the longer it sits, and the avocado may brown a bit. Still, it’s perfectly edible and enjoyable even after a few days!)
- TO MAKE THE VINAIGRETTE:
- Whisk all ingredients together until combined.
- *You can use any kind of packaged ramen noodles for this recipe. If you’d like organic (and less-processed) alternatives to the classic $0.30 packets at the grocery store, I recommend these organic classic ramen noodles or organic brown rice ramen noodles.
- **I also like sprinkling mine with some toasted sesame seeds (I used black sesame seeds in the photo), but that’s totally optional.
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