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!
LEMON CURD TART RECIPE
Lemon Curd Tart is vegan, gluten-free if you use gluten-free oats and simple to put together.
Here are some more of my tart recipes, if you’d like to check them out: matcha cream tarts with chocolate crust, no-bake chocolate tarts and vegan custard tarts. Or if you’re looking for another lemon dessert, I have a recipe for lemons bars too..
LEMON CURD TART RECIPE
INGREDIENTS
CRUST:- 1 1/2 c oats
- 1 1/2 c almond meal
- 2 tbsp. coconut sugar
- 1/8 tsp. salt
- 1/4 c vegan butter
- LEMON CURD FILLING:
- 1 c lemon juice (about 4 lemons)
- 4 tbsp. cornflour
- 1/2 c rice malt syrup
- 4 tbsp. coconut oil
- zest of 2 lemons
INSTRUCTIONS
FOR THE CRUST:- Preheat oven to 180C and lightly butter a 25cm round tart pan.
- Add your oats to a high speed blender or food processor, and mix until it forms a flour.
- Add almond meal, sugar and salt. Pulse a couple of times to combine them with the oat flour.
- Add butter by small spoonfuls, and pulse until it forms a dough. It should stay together if pressed between your fingers.
- Press the dough into a tart pan. Using a fork, prick the base several times. Bake for 12-14 minutes. It should still be lightly coloured. Let cool.
- FOR THE FILLING:
- Pour the lemon juice into a medium pot. Add the cornflour and whisk until smooth.
- Turn the heat on low to medium. Add rice malt syrup, coconut oil and zest to the pot. Stir frequently, making sure to scrape the bottom so it doesn''t stick. Once it starts to thicken, add the coconut milk. Again, stir frequently until it starts to thicken again and reaches a curd consistency.
- Let cool slightly before pouring into the tart shell. Set for at least 2 1/2 - 3 hours in the fridge. Leave overnight for a firmer texture as above.
- 2 c canned coconut milk
Note **if you’re short on time you can soak the cashews in boiling water for 15 minutes instead.
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