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!
HAMBURGERS
In my youth, I learned how to make hamburgers from a celebrity chef who insisted that you needed breadcrumbs, egg and seasonings for a truly great burger. And that’s how I made it for years, thinking that was the right way.
After multiple trips to the States (sorry Australia, but no one does burgers like America!), too many burgers, and watching countless cooking shows, meeting chefs, caterers and restauranteurs, I’ve been converted to the right way.
Ingredients
Hamburger Pattie
- 800g - 1kg / 1.6 - 2 lb ground beef (mince), 20%+ fat (Note 1)
- Salt and pepper
- 3 onions, peeled and sliced into rings
- 2 tbsp oil
- 4 - 8 slices cheese of choice, I use Swiss (optional)
Hamburger
- 4 soft hamburger buns, lightly toasted
- Lettuce, tomato slices
- Ketchup, mustard, relish, sliced pickles
Instructions
- Separate beef into 4 equal portions. Use hands to lightly form into patties the size of your buns (mine are about 10 cm / 4") - don't press hard, light fingers = soft juicy patties (see video for how I do this).
- Season generously with salt and pepper on both sides. Make a dent on one side (stop burger from become dome shape and shrinking when cooking).
- Heat 1 tbsp oil in a heavy based skillet or BBQ over high heat. Add onion and cook until wilted and caramelised. Season with salt and pepper, then remove.
- Heat 1 tbsp oil until smoking. Add patties and cook for 2 minutes until deep golden with a great crust. Do not press! Flip carefully, cook for 1 minute then top with cheese (if using). Cover with lid and cook for further 1 minute until cheese is melted.
- Meanwhile, toast the cut side of the buns lightly.
- To serve: Spread base of buns with sauce / condiment of choice. Top with lettuce then tomato, then hamburger patty. Pile over onions, sliced
Notes
- Fat is where the flavour is, so use a 20%+ fat beef mince (ground beef, preferably chuck). In Australia, even supermarket 20% fat beef mince is terrific, though quality beef from butchers (especially wagyu) will make exceptional hamburgers.
- To make this using lean mince, use this recipe which has flavourings added to compensate for less fat which provides flavour in this recipe. This is the original recipe I shared on the basis of making hamburgers using lower fat beef.
- 2. In the video, I use a store bought tomato relish.
- 3. Nutrition including: 200g/7oz hamburger patties, 1 slice cheese, 2 tbsp tomato relish, lettuce, tomato, hamburger buns. It is about 40 calories higher than actual as it does not take into account fat discarded from pan.
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