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!
Instant Pot Ramen Recipe
This Instant Pot Ramen is delicious, with chicken, eggs and vegetables in a hearty chicken soup. Spice up the ramen noodles with hot oil for an extra kick.
Ingredients
- 1 lb. chicken tenders or chicken breasts
- salt
- ground black pepper
- 1 1/2 tablespoons vegetable oil
- 4 cups low-sodium chicken broth
- 2 cups water
- 4 eggs
- 3 packages ramen noodles, discard the seasonings
- 8 oz bok choy, stem removed and sliced into pieces
- 1 1/2 tablespoons soy sauce or Japanese soup base (add more to taste)
- 4 stalks scallion, white parts into 2-inch length and green part into rounds
- black and white sesame, optional
- chili oil (S&B La-Yu Chili Oil)
Season the chicken with salt and ground black pepper on both sides of the chicken.
Turn on the Saute mode on the Instant Pot. As soon as the pot is fully heated and hot, add the oil. Pan sear the chicken until both sides turn brown.
Add the chicken broth, water, and the white parts of the scallions. Cover the pot and select Manual and set to High pressure for 10 minutes.
Meanwhile, make the ramen eggs. In a small pot, add cold water. The water level must be deep enough to cover all eggs. When the water boils, add the eggs and cook for 7 minutes. When your eggs are done cooking, plunge them into ice water and leave to sit for 5 minutes. Carefully peel off the shells, while the eggs are still in the water. Make sure you remove the membrane covering the egg white. Slice the eggs into halves. Set aside.
When the Instant Pot beeps, turn to Quick Release. When the valve drops, remove the lid carefully. Discard the white parts of the scallions and scoop out the chicken. Let cool and shred the chicken using two forks.
Turn to Saute mode and as soon as the soup boils, add the chicken and ramen noodles. Make sure you push the ramen noodles down so they submerge in the soup.
As soon as the ramen noodles becomes soft (no longer in a block), add the bok choy and soy sauce. Stir the ramen around. Cancel Saute mode and remove the pot. DO NOT OVERCOOK the ramen as the noodles will continue to cook even after you remove the pot.
Divide the ramen noodles into four bowls. Top with ramen eggs, chopped scallions, sesame seeds (if using), and dashes of chili oil. Serve the ramen immediately, do not keep in the pot as they will turn soggy.
Recipe Notes
To make eggs, please follow my Ramen Eggs recipe here.
If you don't have an Instant Pot, you can make this ramen noodle soup on a stove pot. Just use a regular pot to make the recipe.
For the seasoning, please use Japanese Bonito-Flavored Soup Base such as Mizkan, if you have it. If not, use light soy sauce.
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