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!
BEST FRENCH TOAST RECIPE
The best french toast recipe with warm undertones of vanilla, cinnamon and a hint of nutmeg, fluffy, browned and toasted with soft creamy custard-like insides. This best french toast recipe is perfect for breakfast, brunch or dessert. Delicious french toast that is easy to make, always fluffy and never eggy or soggy. This is the technique that I use to get foolproof golden toasted french toast every time.
Ingredients
- 2/3 cup milk warm heat milk in the microwave for about 35 seconds
- 2 tbsp melted butter for the custard
- 3 egg yolks
- 1 tsp cinnamon
- 2 small pinches nutmeg
- 2 tbsp sugar
- 1/4 plus 1/16 tsp salt
- 1 tbsp vanilla extra
- 1/4 cup flour
- 7 slices sandwich bread I used wheat bread
- 1-2 tbsp unsalted butter for the skillet
Instructions
- To make the french toast. To a large bowl add the sugar and eggs and whisk well until combined. Add the melted butter, warmed milk and the rest of the ingredients. Mix well until most of the clumps from the cinnamon and flour clumps are gone. The warmed milk will help prevent the flour and cinnamon from clumping
- Set the oven to warm. In a nonstick skillet over medium heat, add 1 tablespoon of butter. Dip the bread into the custard mixture*See notes. Place the bread in the hot skillet. Cook each side for about 3-4 minutes or until golden and browned. Place french toast on baking sheet then place it in the oven to keep warm until the rest of the french toast is done.
- Add your choice of fruit, powdered sugar or syrup. Serve this best french toast with bacon and eggs.
Recipe Notes
For fresh bread: place up to two slices of bread in the french toast batter and immediately flip it over. Flip the bread over and repeat the same steps.
For stale bread: place up to two slices of bread in the french toast batter and let it soak for a couple of seconds. Flip the bread over and repeat the same steps.
Do not let the bread sit in the mixture too long or it will fall apart or get too soggy.
This is the baking pan and griddle I used.
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