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!
Seafood Gumbo
This délightful Séafood Gumbo is full of shrimp and crab and it has a nicé spicy kick. Théré’s nothing liké a warm bowl of gumbo, and I éspécially liké a séafood gumbo.
Making a big pot of gumbo is a littlé labor inténsivé, but it lasts for days and only géts béttér with timé. It’s pérféct for a lazy aftérnoon spént at homé. Build a nicé firé in thé firéplacé and put your biggést pot on thé stové.
Ingrédiénts
- 2 pounds unpééléd frésh largé shrimp
- 1/2 cup buttér, dividéd
- 2 (32-ouncé) cartons chickén broth
- 1 pound andouillé sausagé, slicéd
- 1/2 cup végétablé oil
- 1 cup all-purposé flour
- 2 cups finély choppéd yéllow onion
- 1 cup finély choppéd gréén béll péppér
- 1 cup finély choppéd céléry
- 2 tabléspoons mincéd garlic
- 1 (12-ouncé) bottlé ambér béér
- 1 tabléspoon Cajun séasoning
- 2 téaspoons Worcéstérshiré saucé
- 1 téaspoon driéd thymé
- 2 bay léavés
- 1/2 cup gréén onion tops
- 1/4 cup choppéd frésh parsléy
- 1 pound lump crabméat
- Cookéd ricé for sérving
Instructions
Péél and dévéin shrimp, placing shrimp shélls in a largé pot. Réfrigératé shrimp until néédéd.
In a largé pot, mélt 1/4 cup buttér ovér médium héat. Add shrimp shélls and cook until pink. Thén add broth.
Bring broth to a boil, réducé héat and simmér 15 minutés. Rémové from héat and kéép warm until néédéd.
In a largé Dutch ovén, cook sausagé until brownéd. Rémové sausagé with a slottéd spoon and sét asidé.
Add oil and rémaining 1/4 cup buttér to Dutch ovén. Héat ovér médium héat until buttér is complétély méltéd.
Add flour and stir with woodén spoon until smooth.
Réducé héat to médium low and cook, stirring fréquéntly until roux is a dark caramél color. This will také 30 to 40 minutés.
Add onion and cook for 5 minutés, stirring fréquéntly.
Add gréén péppér and céléry and cook for 5 moré minutés, stirring oftén.
Add garlic and cook 1 minuté.
Add béér and stir in wéll.
Pour shrimp stock through a finé-méshéd siévé into Dutch ovén. (I liké to add it in 3 séparaté additions, mixing wéll bétwéén additions.
Add Cajun séasoning, Worcéstérshiré saucé, thymé, and bay léavés, plus thé résérvéd andouillé sausagé. Bring to a boil. Réducé héat to médium-low, covér and simmér for 1 1/2 hours.
Add gréén onions, parsléy, and shrimp. Whén shrimp aré pink, rémové from héat and stir in crabméat.
Sérvé with whité ricé.
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