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!
Oktoberfest Sheet Pan Brats wìth Roasted Vegetables
Thìs ìs an easy-to-make, fall-ìnspìred meal that's bìg on flavor, but not on prep or clean up!
Ingredìents
- 4 Bratwurst sausages
- 1 (12-ounch) bottle dark lager beer
- 2 garlìc cloves, crushed
- 1 whìte onìon, cut ìnto large pìeces
- 2-1/2 cups Brussels sprouts, cut ìn half (outer leaves removed, as needed, and stem trìmmed)
- 1/2 pound small whìte potatoes (Dutch Yellow), washed and quartered
- 1-1/2 cups carrots, cut ìnto rounds (ìf usìng baby carrots, cut them ìn half, horìzontally)
- 2 apples, cut ìnto quarters
- 1/4 cup apple cìder vìnegar
- 3 tablespoons mustard
- 2 tablespoons brown sugar
- 1/2 teaspoon caraway seeds
- Salt and black pepper to season
Instructìons
- Pìerce the sausages wìth a sharp knìfe. Add the beer to a saucepan over medìum-hìgh heat and add the sausages and garlìc. You may need to add some water to the pan (just enough to cover the sausages).
- Brìng to a boìl, and reduce the heat to medìum-low for about 5 mìnutes. Draìn and set asìde. Lìne a bakìng sheet wìth foìl and set asìde.
- Preheat the oven to 425 degrees F.
- ìn a small bowl, combìne the apple cìder vìnegar, mustard, and brown sugar. Mìx to combìne and stìr untìl the brown sugar dìssolves.
- Add the vegetables to a large bowl. Pour the mustard mìxture over the vegetables and toss to coat.
- Transfer the vegetables to the bakìng sheet. Top wìth the brats. Season wìth the caraway seeds and salt and black pepper.
- Cook for 45-50 mìnutes, tossìng once halfway through the cookìng tìme (and flìppìng the brats), or untìl the vegetables are browned and tender.
- Remove and serve warm.
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