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!
Baked Mini Corn Dogs
Son #1 wanted corn dogs for lunch this week. I think they must be serving them in the cafeteria at school because "corn dog" really isn't in our vocabulary. Now, you know that I don't shy away from frying things in oil from time to time (Mmmmmm. Donuts
. . . ), but if the kids were going to eat these every day for lunch (kids are like that) frying seemed like a bad idea. Solution: a baked corn dog that is somewhere between a pretzel and the deep fried original. These were/are a massive hit with my kids and hopefully will be with yours as well. I also understand there is some major sporting event coming up this weekend which might lend itself to a a corn dog or two.INGREDIENTSMakes 24. Weighing the ingredients (the flour in particular) provides the most consistent results.- 12oz/340ml/1.5 cups plain soy milk- 1 tsp apple cider vinegar- 1 tbsp instant or active dry yeast- 3 tbsp vegetable oil- 3 tbsp brown sugar- 1.5 tsp salt- generous 1/4 tsp baking soda- 9oz/255g/1.5 cups fine cornmeal- 11.5oz/326g/2.5 cups white bread flour- soy milk for brushing- 12 veggie hot dogs, cut in halfOPTIONAL- I have seen recipes that call for some cayenne in the dough, or some minced jalapeño. These sound like great ideas but not the kind of things my kids likeMETHOD1. Warm up soy milk to between 90 and 100 degrees F, then whisk in vinegar. When thick, whisk in yeast, oil, and sugar. Let sit for 5 mins to allow yeast to dissolve.2. Meanwhile, whisk salt, baking soda and cornmeal in stand mixer bowl. Add yeast mixture and mix well. Let sit for 5 mins.3. Add flour and mix into a rough dough. Let sit for 5 mins, then knead with a dough hook for 5 mins on med-lo speed. The dough should clear the bottom of the bowl and should be tacky but not be sticky. Adjust flour as needed (I find the amount above to be perfect).4. Transfer the dough to a lightly oiled bowl and turn to coat. Cover and refrigerate overnight. You can skip this step if you are in a rush and just let the dough rise at room temp, but I find that the overnight fermentation produces great flavour, lets the gluten relax, and allows the cornmeal to soften. Also, since the dough is tacky, cooling the dough makes it much easier to work with. You can also compromise between the two methods and refrigerate the dough for about 4 hours.5. Preheat the oven to 450 degrees. Place one oven rack in the second highest position, and one on the second lowest. Line two baking sheets with parchment paper. 6. Divide the dough into 24 equal pieces (around 40g each) then cover to keep from drying out. Flatten each piece into a rectangle slightly longer than the veggie dog half and wide enough to wrap around the veggie dog. Lightly dust the work surface with flour if the dough is too tacky to work with. Wrap the dough around the veggie dog and pinch to seal the seam and ends. Gently roll the dog back and forth in your hands to smooth out the dough as much as possible. Place on the prepared sheet and repeat. Put 12 corn dogs on each baking sheet.7. Brush each corn dog with soy milk (I pick them up and brush all sides). Bake for 7.5 mins, then rotate and switch the sheets from one rack to the other (i.e. the sheet on the second highest rack will now be on the second lowest, and vice versa). Bake for another 7.5 mins then transfer to a cooling rack.
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