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!
New Orleans Beignets
Beignets are the quintessential Big Easy breakfast bite, perfect for celebrating Mardi Gras or any time you crave authentic Creole cooking. We’ll show you how to make New Orleans-style beignets from scratch and bring the flavors of the French Quarter home.
Ingredients
- 3 cups (14 oz) flour
- 1½ teaspoons kosher salt
- 1 package instant yeast or active dry yeast (if using active dry yeast, see Chef’s Tip below)
- 1 cup milk
- 2 Tablespoons brown sugar
- 2 Tablespoons butter
- 1 egg
- 1 teaspoon vanilla extract
- Oil for frying
- Powdered sugar, to taste
Preparation
- In a small bowl, mix together the flour, salt, and instant yeast (if using active dry yeast, see Chef’s Tip below).
- Heat the milk until scalding. It should just begin to steam, but not boil (about 180°F/82°C).
- Combine the sugar butter and butter in a large mixing bowl. Pour the steaming milk over the top and stir so that the butter melts and the sugar dissolves. Allow the mixture to cool until it’s lukewarm; the temperature needs to be lower than 115°F/46°C to avoid killing any yeast.
- Add the egg to the milk mixture and whisk to combine.
- Add the vanilla extract to the milk mixture and whisk to combine.
- Add the wet ingredients to the dry ingredients and mix well to combine. (Alternatively, you can mix the dough in a stand mixer with a paddle attachment until combined.)
- Place the dough on a floured counter and knead it until it’s soft and pliable, about 3-5 minutes. (Alternatively, you can knead the dough in a stand mixer with a dough hook on medium speed until a smooth and sticky dough forms.)
- Place your kneaded dough into a large, lightly oiled bowl. Cover it with plastic wrap and allow it to rise for about 1 hour, or until it has doubled in size.
- Place the dough onto a floured surface, and flour a rolling pin. Roll out the dough to about ¼-inch thickness. Cut the dough into triangles or squares using a regular knife, dough knife, or a pizza cutter.
- Place the dough pieces on a lightly oiled cookie sheet and cover them with plastic wrap that has also been lightly oiled. Allow the dough pieces to rise for 30 minutes to 1 hour, or until they have almost doubled in size.
- Heat the oil to 375°F/190°C.
- Carefully add the dough pieces in small batches to the oil, using a slotted spoon or a fry basket. Cook the beignets for 1-2 minutes, or until golden brown, and then flip them and cook for another 1-2 minutes, or until golden brown on the second side. Remove the beignets and place them on a plate lined with paper towels to drain and cool.
- Once they have cooled slightly, coat the beignets with powdered sugar. Serve warm.
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