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!
Vietnamese Sandwich 'Banh Mi' Recipe
Driving through the streets in Vietnam early in the morning, there is one dish you will see more than anything- the fantastically simple Banh mi. This sandwich can also be traced back to the French colonial period, even through the roots of the name; banh is pronounced similarly to the French word for bread pain and literally translates into “bread made from wheat.” Initially this dish was imported and only sold by expensive bakeries, however it began to spread to the masses when the Vietnamese working class discovered ways to change the ingredients and make it more accessible. Today the typical Vietnamese Banh mi consists of mayonnaise, pate, sliced ham and pork, pickled vegetables, coriander, and hot sauce. The fusion of flavours between the Vietnamese fillings and French baguette makes this delicious meal a favourite of many.
Ingredients :
For the pork:
- 10 cups simmering water
- 1/2 cup kosher salt
- 1/2 cup granulated sugar
- 3 medium garlic cloves, peeled
- 2 medium serrano chiles, crushed
- 1 tablespoon black peppercorns, cracked
- 3 pounds boneless pork butt
For the pickled carrots:
- 1/2 cup distilled white vinegar
- 1/2 cup granulated sugar
- 1 teaspoon kosher salt
- 1 1/2 cups peeled and coarsely shredded carrots (from about 3 medium)
Banh Mi Stuffing :
- 2 Vietnamese or French baguettes (not sourdough)
- 6 tablespoons homemade or high-quality store-bought mayonnaise (see Game Plan note)
- 10 ounces pork pâté (optional)
- 1 large English cucumber, halved crosswise and sliced lengthwise into 1/8-inch-thick pieces
- 1/2 cup packed fresh cilantro leaves
- 4 jalapeños, sliced lengthwise into 1/8-inch-thick pieces
How To Make :-
Slice off the top 1/3 of the baguettes lengthwise and set aside. Remove enough of the bottom interiors so that the filling can fit easily.
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Spread 1 tablespoon of the mayonnaise on each baguette’s upper 1/3 and 2 tablespoons on each bottom. Crumble half of the pâté (if using) on each bottom section, then top with sliced pork (there may be some left over), cucumber, cilantro leaves, pickled carrots, and jalapeños. Sprinkle each sandwich with soy sauce and close with the upper parts of the baguettes. Place 10 toothpicks approximately 1 inch apart to secure the sandwiches and slice into about 10 (1-1/2-inch) pieces. Serve.
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