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!
Baked Cod with a Chorizo Crumb served with New Potatoes, Parma Ham & Green Beans and Lemon Aioli
This is a simple and quick dish with great flavours! The chorizo crumb gives the cod another dimension whilst the Parma ham and lemony vegetables compliment this dish perfectly.
Baked Cod with a Chorizo Crumb served with New Potatoes, Parma Ham & Green Beans and Lemon Aioli
Serves 4
Prep time: 15 minutes (plus chill time)
Cooking time: 20 minutes
Ingredients
For the cod
175g chorizo, skin removed, sliced
50g breadcrumbs
25g toasted flaked almonds
Zest of ½ lemon
½ - 1tbsp olive oil plus extra for greasing
4 boneless, skinless cod fillets
For the Aioli
6tbsp mayonnaise
1 garlic clove, crushed
½ lemon, juice only
For the vegetables
500g new potatoes, halved if large
225g green beans, trimmed
4 slices Parma Ham
1 garlic clove, crushed
Juice of 1 lemon
Preparation method
Heat a frying pan to a medium heat and add the chorizo. Cook until it releases oil and begins to crisp.
Meanwhile, prepare the aioli by placing all the ingredients in a bowl, mix together and season to taste, place in the refrigerator to chill.
Now add the chorizo and its oil to a food processor with the breadcrumbs, almonds, zest and olive oil and blitz until you have a crumb. Season to taste.
Preheat the oven to 200°C/180°C Fan/Gas mark 6. Place the cod on a lightly greased baking tray. Heap the crumbs onto each fillet and pat down so that they are well covered. Allow to chill in the refrigerator for 20 minutes to firm up. Place in the oven and bake for 10-15 minutes, until the flesh has turned opaque and the crumb is golden.
Meanwhile, cook the new potatoes in boiling salted water for 10-15 minutes until tender. Add the beans for the final 2 minutes.
Heat a frying pan and add the Parma ham, cook for 2 minutes until crisp. Allow to drain on kitchen paper and set aside.
Drain the potatoes and place back in the pan with the garlic and lemon juice. Toss together and crumble in the Parma ham.
Remove the cod from the oven and divide between four plates with a serving of vegetables and a good dollop of lemon aioli. Enjoy!
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