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 Tart
Summer has once again blessed us with her bounty. The backyard has yielded an abundance of raspberries, and strawberry picking is winding down after a great season. Vegan Son #1 and I collaborated on this dessert. He helped make the pastry cream and designed the layout of the fruit for the top of the tart. I made the dough. The trick with the pastry dough is to be patient and gentle when bringing it together. Only use as much water as is necessary--too much will make for a harder final product. Tart DoughINGREDIENTS- 1/2 cup Earth Balance margarine (1 baking stick)- 200g (1.25 cups) cake and pastry flour (or all purpose) - 1/3 cup sugar - 1 tbsp vegan cream cheese- 3 tbsp ice cold water (more if needed)- 1 tsp vanilla extractMETHOD1. Place margarine in the freezer for 30 mins.2. Meanwhile, whisk together flour and sugar in a medium bowl. In a separate small bowl, whisk together cream cheese, water, and vanilla until smooth. Place in fridge until needed.3. Grate cold margarine into the flour and gently work with your fingers until it resembles coarse bread crumbs (it should not take too long). Add cream cheese mixture and use a fork to bring together into a dough. Add a few drops of water if needed. 4. Immediately roll out into a 12 inch circle on a floured surface and transfer to a 9.5 inch tart pan. Gently press dough into the bottom of the pan and trim to allow 1/2 inch overhang. Fold overhang back into the pan and press into the sides. Refrigerate until firm (30 mins).5. While dough is chilling, preheat oven to 375 degrees with rack in the bottom third of the oven. Cover dough with foil and half fill with dried beans.6. Bake for 20 mins, then lift up foil to see if crust is light golden and no longer wet. Return to oven for a few mins if it is not. When crust if light golden and dry, remove foil and beans and bake for another 5-10 mins, or until golden. Allow to fully cool on a wire rack.Summer TartINGREDIENTS- 1 tart shell (above)- 1 recipe pastry cream
, cold- summer fruit of your choice (halved strawberries, raspberries, and blueberries is what I used)- 1/3 cup apricot jam METHOD1. Remove tart shell from pan and place on a serving dish. Fill with pasty cream and smooth. Top with fruit.2. Heat apricot jam in a small saucepan over medium heat until runny. Strain out chunks then brush fruit with the jam to glaze. If jam gets too sticky, just return to heat until it is runny again.
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