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!
MEXICAN STREET CORN PASTA SALAD
A delicious Mexican Street Corn Pasta salad with tons of veggies and a simple creamy chili-lime dressing.
I have a pretty close schedule I stick with on what I share here on the blog. The months are planned by the days I’m sharing a recipe and what recipe I will be sharing on that particular day. But sometimes, I’ll switch up my entire schedule because I’m literally BURSTING at the seam to share something.
Ingredients
- Salad
- 2 cups miniature farfelle pasta uncooked
- 3 cups either 2 (15-ounce) cans, or 3-4 corns on the cob)
- 1 large avocado
- 3 green onions
- 1/2 bunch cilantro
- 1 tablespoon finely chopped jalapeno
- 6-8 strips hardwood smoked bacon
- 1/2 cup Cotija cheese (or queso fresco or feta -- add cheese to preference (we like 1/2 cup)
- Optional: 1/2 canned cup black beans
- Dressing
- 1/2 cup full fat regular mayo no substitutes
- 3 tablespoons freshly squeezed lime juice and 1/4 teaspoon lime zest
- 1/8 teaspoon ground cumin
- 1/4 teaspoon paprika
- 1/2 teaspoon chili powder
- 1 teaspoon Sriracha or hot sauce
- Pinch of salt and ground black pepper
Instructions
- Cook the pasta according to package directions. Drain and rinse under cold water. Make sure the pasta is completely dry.
- Corn: if using corn on the cob: Heat the grill to medium. Pull back the husks to the base and take off all the silk from each ear of corn. Fold back the husks into place.
- Place the ears of corn in a large bowl of water with 1 tablespoon of salt for 10 minutes and then remove from water and shake to dry. Place the corn on the grill, cover the grill, and cook for 15-20 minutes turning the corn every 5 minutes.
- You'll know the corn is done when the kernels are tender and easily pierced with a fork.
- Alternative #1: use pre-roasted canned corn -- drain and allow to dry. Alternative #2: use regular canned corn: heat a large cast iron skillet on medium high heat for 3-4 minutes or until very hot. Drain corn and place in a single layer and cook for about 5 minutes stirring once in between or until browned. Avoid stirring too often as this will keep the corn from getting a good roast.
- Meanwhile prep the veggies: chop the avocado into small pieces, chop the green onions, coarsely chop the cilantro, very finely chop the jalapeno, and cook then crumble the bacon. Crumble the cheese. Add black beans if desired.
- In a large bowl combine the completely dry and cooled pasta, cooled corn, avocado, onions, cilantro, jalapeno, bacon, and cheese. **If you don't plan on eating this in one sitting and immediately after making, don't add the bacon, cheese, or avocado. Add those in separately right before enjoying.**
- Toss together.
- In a small bowl combine all of the dressing ingredients and whisk together until completely combined.
- Toss with the salad and enjoy!
Recipe Notes
The focus of this pasta salad is more on the corn that the pasta. If you want a more "pasty-y" salad, increase by 1 cup dry noodles. You will also probably want to do more dressing.
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