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!
The Best Homemade Spaghetti Sauce
This hearty Homemade Spaghetti Sauce, made with sausage, ground beef, and three kinds of tomatoes, is perfect over spaghetti or in lasagna!
- 1 pound spicy Italian sausage
- 1 pound lean ground beef
- 1 large sweet onion, diced
- 5 cloves garlic, minced
- 2 tablespoons granulated sugar
- 2 teaspoons dried Italian seasoning
- 1 teaspoon kosher salt
- 1/2 teaspoon pepper
- 1/3 cup fresh chopped parsley
- 12 ounces tomato paste
- 15 ounce can diced fire roasted tomatoes
- 28 ounce can crushed tomatoes
- 1/2 cup chicken broth
In a large pot or pan, add in the sausage and beef over medium-high heat. Use a spoon to break up the meat into small pieces. Add in the onion and garlic and cook, stirring constantly, until the meat is browned and no pink remains. Drain off fat.
Reduce heat to medium; add in the sugar, Italian seasoning, salt, pepper, and parsley. Add in the tomato paste and stir to combine.
Pour in the diced tomatoes with their liquid, crushed tomatoes, and chicken broth. Stir well until combined; bring to a simmer, then reduce heat to low and simmer for at least 1 hour (ideally 4)
Use right away, refrigerate for later, or freeze for down the road!
- Isn't this Bolognese sauce? Well, sort of, but not really. Bolognese sauce is meat based like this, but typically made with carrots, celery, wine and/or milk (which are not included here.) Marinara sauce is basically tomato sauce with herbs and onion. So this particular recipe is like a cross between the two!
- Don't freak out over the sugar! Sugar, like salt, is a great ingredient that gives balance to food and helps with overall flavor. It is especially needed in a spaghetti sauce to help cut the acidity from the tomatoes.
- The longer this simmers the better the flavor. Low and slow, friends.
- It can be made ahead and kept refrigerated in an air-tight container for up to 3 days. You can further extend its shelf life by freezing it, covered in an airtight container, for up to 4 months.
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