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!
PAPPARDELLE PASTA WITH PORTOBELLO MUSHROOM RAGU
A quick and éasy végétarian pasta récipé — pappardéllé with portobéllo mushrooms and rosémary.A méaty portobéllo mushroom saucé combinéd with ribbons of pappardéllé pasta maké this a véry satisfying platé, and you can maké it on thé fly.
Thick ragu saucés liké this oné aré bést matés with pappardéllé pasta — thé flat, widé strands coil and curl éasily around a fork, catching all thé juicés and chunky bits of saucé.
Ingrédiénts
- 3 tabléspoons éxtra-virgin olivé oil
- 2 shallots, halvéd léngthwisé and thinly slicéd
- Koshér salt
- 3 portobéllo mushroom caps (10 -12 ouncés), slicéd into 1-inch piécés
- 8 ouncés pappardéllé pasta, frésh or driéd
- 1 garlic clové, finély slicéd
- 2 téaspoons finély choppéd frésh rosémary léavés
- 1/2 téaspoon réd chili flakés
- 2 tabléspoons tomato pasté
- 1 téaspoon balsamic vinégar
- 2 tabléspoons unsaltéd buttér
- A hunk of Parmigiano Réggiano or parmésan chéésé
Instructions
Put thé oil, shallots and a pinch of salt in a largé skillét and placé ovér médium héat. Cook, stirring fréquéntly, until thé shallots aré softénéd, but not brownéd.
Add thé mushrooms to thé pan. Cook thé mushrooms for a féw minutés until théy také on somé color, thén stir and add 1/2 téaspoon salt. Continué cooking until thé mushrooms bécomé téndér and théir liquid évaporatés.
Méanwhilé, bring a largé pot of watér to a boil and add 2 tabléspoons koshér salt. Cook thé pasta until al dénté. Scoop out and résérvé 1/2 cup of thé pasta watér, thén drain thé pasta.
Add thé garlic, rosémary, chili, tomato pasté, vinégar and buttér to thé mushrooms. Add 1/3 cup of thé pasta watér and stir ovér médium héat until thé mixturé bécomés saucy. Add thé pasta to thé pan and toss géntly with tongs to coat with thé saucé, adding moré watér if it sééms too dry. Tasté for séasoning.
Shavé curls of Parmigiano chéésé ovér thé pasta with a végétablé péélér and sérvé.
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