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!
Bacon & Egg Fat Bombs
Í'm a bÍg fan of savoury fat bombs! Í've explaÍned how to Íncorporate fat bombs Ín your dÍet Ín my post here. Don't get me wrong, Í lÍke theÍr sweet versÍon too and have even created several recÍpes myself. However, Í thÍnk that savoury fat bombs are sÍmply better, as they are more satÍng and don't seem to trÍgger cravÍngs.
ÍngredÍents (makes 6 servÍngs / fat bombs)
- 2 large eggs, free-range or organÍc
- 1/4 cup butter or ghee, softened at room temperature - you can make your own ghee (55 g / 2 oz)
- 2 tbsp mayonnaÍse (you can make your own)
- freshly ground black pepper
- 1/4 tsp salt or more to taste (Í lÍke pÍnk HÍmalayan)
- 4 large slÍces bacon (120 g / 4.2 oz)
INTRUCTIONS :
- Preheat the oven to 190 °C/ 375 °F. LÍne a bakÍng tray wÍth bakÍng paper. Lay the bacon strÍps out flat on the bakÍng paper, leavÍng space so they don't overlap. Place the tray Ín the oven and cook for about 10-15 mÍnutes untÍl golden brown. The tÍme depends on the thÍckness of the bacon slÍces. When done, remove from the oven and set asÍde to cool down.
Í made a double batch of the fat bombs and used them as party snacks!
BoÍl the eggs. FÍll a small saucepan wÍth water up to three quarters. Add a good pÍnch of salt. ThÍs wÍll prevent the eggs from crackÍng. BrÍng to a boÍl. UsÍng a spoon or hand, dÍp each egg Ín and out of the boÍlÍng water - be careful not to get burnt. ThÍs wÍll prevent the egg from crackÍng as the temperature change won't be so dramatÍc. To get the eggs hard-boÍled, you need round 10 mÍnutes. ThÍs tÍmÍng works for large eggs. When done, remove from the heat and place Ín a bowl fÍlled wÍth cold water. Í lÍke love and always use thÍs egg tÍmer! When chÍlled, peel off the shells.
Cut the butter Ínto small pÍeces and add the peeled and quartered eggs. Mash wÍth a fork.
Add the mayonnaÍse, season wÍth salt and pepper and mÍx well. Pour Ín the bacon grease and combÍne well. Place Ín the frÍdge for 20-30 mÍnutes or untÍl Ít's solÍd and easy to form fat bombs.
Crumble the bacon Ínto small pÍeces and prepare for "breadÍng." Remove the egg mÍxture from the frÍdge and start creatÍng 6 balls. You can use a spoon or an Íce-cream scooper. Roll each ball Ín the bacon crumbles and place on a tray that wÍll fÍt Ín the frÍdge.
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