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!
LEMON TART
A traditional French-style lemon tart with creamy, dreamy lemon curd filling, that tastes just like the ones in Paris. It’s my mom’s recipe and has been a favorite in my family for years.
Ingredients
- one fully baked tart crust
- For the lemon curd filling:
- 2 large eggs, plus 2 egg yolks (or 3 whole eggs)
- ¾ cup (150 g/5.3 oz) granulated sugar
- 1 tablespoon lemon zest
- ½ cup (120 ml) freshly squeezed lemon juice (2-3 lemons for both zest and juice)
- 2 tablespoons heavy cream, optional
- ½ cup (1 stick/115 g) unsalted butter, cut into small pieces
Instructions
- To make the lemon curd: In a medium heatproof bowl, place eggs, sugar, lemon zest, lemon juice, and heavy cream and whisk to combine. Place the bowl over a saucepan of simmering water (bain-marie). Cook on moderate heat, whisking constantly, until mixture becomes thick (mine was ready in 10 minutes, but it can take up to 20). If you have a thermometer, it should register 170°F/75°C; otherwise, it should coat the back of a wooden spoon and leave a clear pass if you run your finger through it. The curd will thicken more once cooled.
- Remove from heat and immediately strain mixture through a sieve. Add butter, a few cubes at a time, and whisk until completely melted and incorporated, and mixture is smooth. Take your time with it—the whisking makes for an airy and light texture. Allow to cool to room temperature before filling the tart. (Lemon curd can be kept in an airtight container in the fridge for up to a week, or can be frozen for up to 2 months. To thaw, place overnight in the fridge. Whisk the mixture to smoothen it before using.)
- Fill the tart shell with lemon curd, then refrigerate for at least 4 hours until chilled. Serve with berries and whipped cream if you like. The tart is rich, so cut your servings small.
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