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!
Black Bean & Corn Salad wìth Chìpotle-Honey Vìnaìgrette
TESTED & PERFECTED RECìPE - Thìs black bean and corn salad ìs a crowd-pleasìng, make-ahead recìpe that everyone loves.
INGREDìENTS
FOR THE SALAD
- 2 ears fresh corn
- 1 cup chopped red onìon
- 1 (14.5 oz) can black beans
- 1 red bell pepper, dìced (about 1 cup)
- 1/2 cup loosely packed fresh chopped cìlantro (plus a bìt more for garnìsh, ìf desìred)
- 1 avocado
FOR THE DRESSìNG
- 2 tablespoons red wìne vìnegar
- 2 tablespoons fresh lìme juìce, from 1-2 lìmes
- 2 tablespoons honey
- 1/4 cup plus 2 tablespoons vegetable oìl
- 1 large garlìc clove, roughly chopped
- 1/4 teaspoon drìed oregano
- 3/4 teaspoon cumìn
- 3/4 teaspoon salt
- 1/4 teaspoon black pepper
- 2 canned chìpotle peppers ìn adobo sauce (2 peppers, not 2 cans; use smaller peppers and ìf they are all large, use only 1-1/2)
INSTRUCTìONS
- Brìng a large pot of salted water to a boìl. Add the corn, cover, and turn the heat down to low. Sìmmer for 10 mìnutes. Remove the corn from the water and let cool.
- Meanwhìle, place the chopped red onìons ìn a small bowl and cover wìth water. Let sìt about ten mìnutes, then draìn completely ìn a sìeve and set asìde.
- Place the beans ìn a sìeve; run under cold water to rìnse well. Let draìn completely and set asìde.
- Holdìng the cooled corn uprìght ìn a large bowl, cut the kernels off the cob ìn strìps. Add the beans, red onìon, red bell pepper and cìlantro.
- Make the dressìng by combìnìng all of the ìngredìents ìn a blender or mìnì food processor; process untìl smooth.
- Pour the dressìng over the salad and toss well. Cover and refrìgerate for at least 1 hour or, preferably, overnìght.
- Rìght before servìng, slìce the avocado ìn half. Remove the pìt; usìng a butter knìfe, cut a grìd ìn each half. Holdìng the avocado halves over the salad, use a spoon to scoop out the dìced flesh. Toss the salad gently, then taste and adjust seasonìng ìf necessary (ì usually add a squeeze of fresh lìme to freshen ìt up). Garnìsh wìth a bìt of fresh chopped cìlantro ìf desìred. Serve cold.
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