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!
CRISPY BRANDY SNAPS RECIPE
Brandy snaps are a popular dessert in the UK. Crispy golden lacy tubes filled with brandy whipped cream.
They start by making the mix for the crispy lace. Brown sugar, golden syrup (a British product that can be found in some stores, light corn syrup can be substituted).
The snaps are really good on their own to eat, but I prefer them with the cream. Heavy whipping cream is whipped (use cold cream, it will whip faster) with a touch of brandy (optional, but they are brandy snaps after all). Cream is cold, pipes better and keeps it’s shape, also whips faster.
CRISPY BRANDY SNAPS RECIPECrispy golden lacy tubes filled with brandy whipped cream. A British holiday tradition and the brandy is optional.
Ingredients- 1/4 cup unsalted butter
- 1/4 cup light brown sugar
- 1/4 cup golden syrup * see note
- 1/4 cup all-purpose flour
- 1/4 teaspoon ground ginger
- 1 cup heavy whipping cream
Instructions- Preheat oven to 350 degrees F.
- Line 2 baking sheets with parchment paper.
- To a small saucepan over medium-low heat add the butter, sugar and golden syrup.
- Heat until the sugar has dissolved, stirring occasionally. Do not allow to boil.
- The sugar has dissolved when you can longer see or feel sugar crystals.
- Turn off the heat and allow to cool slightly.
- Stir in the flour and ginger.
- Drop about 1 teaspoon of the mixture onto the parchment paper in circles, about 3 1/2 inches in diameter, 4 inches apart, 6 per baking sheet.
- Bake in the oven for about 5 minutes until they are golden and lacy looking. Watch them because they turn dark very quickly.
- Remove from the oven and allow to cool for 1 minute until you can handle them. Any sooner and they will fall apart, any longer and they will be too hard.
- To lift them from the sheet I use a fish spatula.
- Roll around a the handle of a wooden spoon with seam side down and allow to cool for a few seconds.
- Remove from the spoon and repeat with all of the snaps.
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