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!
COCONUT MARGARITA
This frozen coconut margarita recipe is refreshing, sweet, and delicious.
You know, that token thing I added to my 31 Things life list (remember me talking about this last week?) to make me sound all adventurous and fearless…even though the adult in me was pretty certain that it could end with a not-so-classy digestive “upset” or, eh, you know, sudden death.
INGREDIENTS:
- !Coconut Ice Cube Ingredients:
- 1/2 cup ZICO Pure Coconut Water
- 1/2 cup cream of coconut*
- !Optional Rim Garnish:
- lime wedges
- sweetened shredded coconut
- coarse rim salt
- !Coconut Margarita Ingredients
- 1/2 cup tequila
- 1/3 cup freshly-squeezed lime juice
- 3 tablespoons freshly-squeezed orange juice
- 1-2 tablespoons simple syrup**, if needed
- coconut ice cubes, see above
DIRECTIONS:
- To Make The Coconut Ice Cubes:
- Whisk together the coconut water and cream of coconut in a mixing bowl until combined. Pour the mixture into ice cube trays, then freeze for at least 12 hours, or until frozen. (Cream of coconut does not always freeze completely, so if yours are not 100% solid, that’s ok.) Keep frozen until ready to use.
- !To Rim The Glasses:
- Run a lime wedge around the top of each glass until it the top 1/4-inch or so is moistened. Dip the glass in a bowl that has been filled with either shredded coconut and/or coarse rim salt. Chill the glasses in the freezer for at least 5 minutes before filling with the margarita mixture.
- If your coconut is not sticking, you may need to pulse it a few times in a food processor until it is the consistency of coarse salt.
- !To Make The Coconut Margaritas:
- Add all ingredients (including the coconut ice cubes) to a blender and pulse until combined. Taste the mixture, and add simple syrup to sweeten if needed. You can also add extra ice cubes (either regular, or more coconut ice cubes) to thicken the consistency, if needed
- Pour into prepared glasses and serve immediately, garnished with an extra lime wedge on top if desired.
- **To make a batch of simple syrup, bring stir together 1/2 cup granulated sugar and 1/2 cup water in a small saucepan, and bring to a boil until the sugar is dissolved. I recommend chilling your simple syrup in the refrigerator before adding to this recipe, so that it is cool.
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