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!
BLACKBERRY, MINT, & CUCUMBER GIN SPRITZER
Can you believe there are only a few weeks of Summer left? That means now is the time to squeeze in as many of your favorite summer activities before Fall is officially here. I still have a pretty long list of things that I want to do this summer, but to be honest I just want to eat as many peaches and plums as I can before they are out of season. You might already be thinking of the different ways you plan on enjoying your last days of summer. Maybe you want to take one last trip to that lake you love? Or how about that hike you have been wanting to go on? I am sure the options are endless, but may I humbly suggest carving out a night where you and your friends get together, make a fleet of summery drinks, and watch the sunset. Sounds pretty good, huh?
Summer cocktails are the best, aren’t they? I mean a margarita tastes great anytime of the year, but a frosty margarita on a hot summer day? Perfection. So you might already by thinking, “oh yeah, a cocktail sounds great right now, but I don’t know what to make”. Well my friend, you are in luck! The lovely ladies Sherrie, from With Food + Love and Renee from Will Frolic for Food have gotten a group of incredible bloggers together who have each created a delicious seasonal drink for you to make and enjoy. There are so many summery drinks for you to choose from, so find one that tickles your fancy, make it, and enjoy each sip while you enjoy a warm and pleasant evening. To check out all these recipes, simply click on the links above and you will find a list of over 30 creations from fellow bloggers that will show you how to make the drink of your dreams.
For my contribution to this virtual cocktail party I present to you this ever-so refreshing blackberry, cucumber & mint gin spritzer. What’s great about this drink is that it tastes just as good without the liquor, but you know you want that gin in there.
Remember this is the time to enjoy that sun and #drinkthesummer!
CUCUMBER & MINT SIMPLE SYRUP
Yields about 3/4 cup
1/2 Cup Evaporated Cane Sugar
1/2 Cup Water
6 Cucumber slices, 1/2 inch thick with skin removed
2 Large mint sprigs, about 15 leaves
Equipment: Saucepan, fine mesh sieve, jar or other sealed container
METHOD
Place sugar and water in sauce pan and set to medium hight heat. Remove from heat once mixture comes to a boil and the sugar has dissolved. Add the cucumber and mint and let steep for about 30 minutes. Strain syrup through a fine mesh sieve and into a sealable container.
Store in refrigerator for up to two weeks.
BLACKBERRY, CUCUMBER & MINT GIN COOLER
Makes 1 drink
1/4 Cup Blackberries, about 6
5-6 Teaspoons Cucumber Mint Simply Syrup
1 Teaspoon Lemon Juice
2 ounces Gin
Ice
3 ounces Soda Water
Equipment: Muddler, 1, 8 oz glass
METHOD
Place blackberries in a cup and muddle until berries are broken down. Mix in about 5 teaspoon of the simple syrup into the mashed berries. If your prefer a sweeter drink add an additional 1-2 teaspoons of syrup to your drink.
Next, mix in gin and fill the glass with ice. Top drink off with about 3 oz of water and gently mix everything with a spoon. Garish with mint and enjoy!
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