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!
FRIED RICE
This Chinese restaurant-style fried rice recipe is the absolute BEST. It’s quick and easy to make, customizable with any of your favorite mix-ins, and so irresistibly delicious.
Anyway, I figured out pretty quickly once I left for college (in a small town with zero good fried rice) that this was a problem I was going to have to remedy in my own kitchen. So over many years and literally dozens of test batches, I finally landed on my favorite recipe back in 2014 that has been my go-to ever since. It’s surprisingly speedy to make, easy to customize with your favorite add-ins, and more flavorful and amazing than any take-out I’ve ever ordered. And it’s all thanks to a few simple tips that hundreds of readers have agreed totally work.
INGREDIENTS:
- 3 tablespoons butter, divided
- 2 eggs, whisked
- 2 medium carrots, peeled and diced
- 1 small white onion, diced
- 1/2 cup frozen peas
- 3 cloves garlic, minced
- salt and pepper
- 4 cups cooked and chilled rice (I prefer short-grain white rice)
- 3 green onions, thinly sliced
- 3-4 tablespoons soy sauce, or more to taste
- 2 teaspoons oyster sauce (optional)
- 1/2 teaspoons toasted sesame oil
DIRECTIONS:
- Heat 1/2 tablespoon of butter in a large sauté pan over medium-high heat until melted. Add egg, and cook until scrambled, stirring occasionally. Remove egg, and transfer to a separate plate.
- Add an additional 1 tablespoon butter to the pan and heat until melted. Add carrots, onion, peas and garlic, and season with a generous pinch of salt and pepper. Sauté for about 5 minutes or until the onion and carrots are soft. Increase heat to high, add in the remaining 1 1/2 tablespoons of butter, and stir until melted. Immediately add the rice, green onions, soy sauce and oyster sauce (if using), and stir until combined. Continue stirring for an additional 3 minutes to fry the rice. Then add in the eggs and stir to combine. Remove from heat, and stir in the sesame oil until combined.
- Serve immediately, or refrigerate in a sealed container for up to 3 days.
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