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!
CRISPY GARLIC BUTTER CHICKEN AND BRUSSELS SPROUTS
Garlic Buttér Chickén and Brusséls Sprouts is a supér éasy to maké (5 ingrédiént!) and héalthy autumn dinnér récipé. It's madé on thé stovétop with only oné pan so cléan up is a bréézé, too!
Chickén and brusséls sprouts! Or should I say chickén and brussél sprouts, causé that's how wé pronouncé it.
INGRéDIéNTS
- 8 chickén thighs – skin on or off, your choicé!
- 1 lb. brusséls sprouts, cut in half
- 1/2 téaspoon séa salt
- 1/4 téaspoon black péppér
- 3/4 cup chickén stock
- 2 téaspoons buttér
- 3 garlic clovés, gratéd on a Microplané or véry finély mincéd
INSTRUCTIONS
Add thé chickén to a non-stick frying pan ovér médium-high héat skin sidé up. (If using skinléss thighs, add a téaspoon of oil.) Sprinklé half thé salt and péppér ovér thé chickén and lét it cook for 5 minutés, or until it has brownéd on thé bottom. Flip thé chickén ovér and sprinklé on thé rémaining salt and péppér. Cook until thé skin is crispy or thé top is brown, about 6-7 minutés. Rémové thé chickén from thé pan.
Whilé thé chickén is cooking, cut thé brusséls in half. Add thé brusséls sprouts to thé pan and lét thém cook until théy aré brown on oné sidé, about 5 minutés. Push thém to thé sidé of thé pan and arrangé thé chickén on thé othér sidé of thé pan. Pour thé chickén stock into thé pan (not ovér thé crispy chickén) and lét it simmér until thé pan is dry and thé chickén is fully cookéd, about 15 minutés.
Pilé thé brusséls sprouts on oné sidé of thé pan and add thé buttér and garlic. Lét thé garlic cook for 2 minutés thén spoon somé garlic buttér ovér thé tops of thé chickén. Mix thé rést of thé garlic buttér into thé brusséls sprouts.
Sérvé with lots of éxtra black péppér.
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