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!
CAESAR SALAD WONTON CUPS
Everything tastes better in miniature form! These Caesar Salad Wonton Cups are made using wonton wrappers as the cups. They bake crispy and golden with just a light spray of oil. A great shortcut for appetizers!
Everything tastes better in miniature form!
Ingredients
- 12 wonton wrappers
- 2 1/2 cups cos/romaine lettuce , shredded
- 1 cup cooked chicken , diced
- 1 1/2 bacon rashers , diced
- 1/4 cup bread , diced finely (preferably stale)
- 2 tbsp parmesan cheese , freshly grated
- 2 tsp fresh parsley , finely chopped (optional - for garnish)
- Salt
- Olive oil spray
- Dressing
- 1 garlic clove , minced
- 2 anchovy fillets
- 2 tbsp fresh lemon juice
- 1 tsp Dijon mustard
- 1 tsp Worcestershire sauce
- 1 cup mayonnaise , preferably whole egg
- 1/2 cup freshly grated parmesan cheese
- Milk , to adjust consistency
- 1/4 tsp salt
- Black pepper
Instructions
- Preheat oven to 180C/350F. Fit the wonton wrappers into each hole of a standard size muffin / cupcake tin (not mini and not Texas muffin tins!). Spray the wontons lightly with olive oil. Bake for 8 to 12 minutes, until golden and crispy. Remove from oven and set aside to cool.
- Heat a small non stick pan over high heat. Spray with oil, add bacon and sauté until crispy, then remove and drain on absorbent paper towel.
- Return pan to stove, reduce heat to medium high and spray pan with oil. Add finely diced bread. Shake pan (or stir) to brown evenly. Remove mini croutons from pan, scatter over a pinch of salt and set aside.
- Place Dressing ingredients in a blender or food processor and whizz until smooth. If it seems too thick, use a tiny splash of milk to adjust the consistency.
- Place cos lettuce, chicken and bacon in a bowl with 6 to 8 tbsp of dressing (depending on how much dressing you want to use) and toss gently to combine.
- Divide the salad between the wonton cups, top with croutons, a pinch of parmesan and a sprinkle of parsley.
- Serve immediately.
Notes
1. This makes 1 1/4 cups of dressing. I found it difficult to make a smaller quantity in my food processor. Keep leftover dressing in the fridge - it will keep for a week. However, my mum made a sensible suggestion - if you use a mortar and pestle to grind the anchovy and garlic to a paste (and assuming you are using finely grated parmesan) then you don't need a blender which means you can make a smaller quantity of dressing (half the dressing is plenty for 12 wonton cups).
2. Nutrition per serving.
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