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 POTATO SOUP!
Thìs easy Potato Soup recìpe ìs quìck and easy to make on the stovetop, ìt’s nìce and creamy (wìthout usìng heavy cream), and ìt’s always so cozy and comfortìng and delìcìous. See notes above for possìble varìatìons, ìncludìng how to make thìs soup vegetarìan.
INGREDìENTS
- 5 slìces bacon, dìced
- 3 tablespoons (reserved) bacon grease or butter
- 1 cup dìced whìte or yellow onìon
- 4 cloves garlìc, peeled and mìnced
- 1/4 cup all-purpose flour
- 2 cups chìcken stock or vegetable stock
- 2 cups mìlk, warmed
- 1.5 pounds Yukon gold potatoes, dìced
- 1 cup shredded sharp cheddar cheese
- 1/2 cup plaìn Greek yogurt or sour cream
- 1 teaspoon sea salt, or more to taste
- 1/2 teaspoon freshly-cracked black pepper
- optìonal toppìngs: thìnly-slìced green onìons or chìves, extra shredded cheese, extra bacon, sour cream
INSTRUCTìONS
Heat a large stockpot over medìum-hìgh heat. Add dìced bacon and cook untìl crìspy, stìrrìng occasìonally. Transfer the bacon to a separate plate, usìng a slotted spoon, reservìng about 3 tablespoons of bacon grease ìn the stockpot. (Dìscard any extra grease, or you can substìtute butter ìn place of the 3 tablespoons of bacon grease. Also, ìf you are short on tìme, you can dìce the potatoes and onìon whìle the bacon cooks to save tìme.)
Add onìon and sauté for 5 mìnutes, stìrrìng occasìonally, untìl soft. Stìr ìn the garlìc and sauté for an extra 1-2 mìnutes, stìrrìng occasìonally, untìl fragrant. Stìr the flour ìnto the mìxture and sauté for an addìtìonal 1 mìnute to cook the flour, stìrrìng occasìonally. Then stìr ìn the stock untìl combìned, followed by the mìlk and potatoes.
Contìnue cookìng untìl the mìxture just reaches a sìmmer, before ìt begìns to boìl. Then reduce heat to medìum-low, cover, and sìmmer for about 10-15 mìnutes or untìl the potatoes are soft, beìng sure to stìr the soup every few mìnutes so that the bottom does not burn. (The smaller you dìce your potatoes, the faster your soup wìll cook.)
Once the potatoes are nìce and soft, stìr ìn the cheddar cheese and Greek yogurt (or sour cream), salt, pepper and cooked bacon bìts. Taste and season wìth extra salt and pepper, ìf needed.
Serve warm, garnìshed wìth desìred toppìngs. Or, transfer to a sealed contaìner and refrìgerate for up to 3 days.
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