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!
Summer Pasta With Zucchini, Ricotta and Basil
A summer pasta should be simple and fresh, ideally made with vegetables straight from the garden or market. Look for the best artisanal ricotta; top-quality ingredients make all the difference here.
INGREDIENTS
Extra-virgin olive oil
- 1 small onion, finely diced
- 2 pounds zucchini, sliced into 1/4-inch-thick pieces (for larger zucchini, cut in half lengthwise before slicing)
- Salt and pepper
- 2 garlic cloves, minced, or 2 tablespoons chopped green garlic
- 1 ounce basil, about 2 cups loose leaves
- 1 pound ziti or other dry pasta
- 8 ounces ricotta, about 1 cup (see recipe)
- Pinch of crushed red pepper
- Zest of 1 lemon
- 2 ounces grated Parmesan, pecorino or a mixture, about 1 cup, plus more for serving
PREPARATION
- Put a pot of water on to boil. In a large skillet over medium-high heat, cook the onions in 3 tablespoons olive oil until softened, 5 to 8 minutes. Reduce heat as necessary to keep onions from browning. Add zucchini, season generously with salt and pepper, and continue cooking, stirring occasionally until rather soft, about 10 minutes. Turn off heat.
- Meanwhile, use a mortar and pestle to pound garlic, basil and a little salt into a rough paste (or use a mini food processor). Stir in 3 tablespoons olive oil.
- Salt the pasta water well and put in the pasta, stirring. Boil per package instructions but make sure to keep pasta quite al dente. Drain pasta, reserving 1 cup of cooking water.
- Add cooked pasta to zucchini in skillet and turn heat to medium-high. Add 1/2 cup cooking water, then the ricotta, crushed red pepper and lemon zest, stirring to distribute. Check seasoning and adjust. Cook for 1 minute more. Mixture should look creamy. Add a little more pasta water if necessary. Add the basil paste and half the grated cheese and quickly stir to incorporate. Spoon pasta into warm soup plates and sprinkle with additional cheese. Serve immediately.
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