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!
Salmon with Kiwi Sauce
I hate wasting food but sometimes it happens. I buy too much of something or it just gets lost in the back of the fridge. The worst is when I buy a lot of food and then am not home to cook it. Some foods can be saved like mushy bananas that become banana bread. Floppy carrots, onions and celery go in my chicken stock to give it flavor.
I always used to throw away overripe kiwi fruit, but not anymore. In addition to my kiwi cake recipe, I discovered that mashed kiwis make a great sauce for fish. Next time you have overripe kiwi fruit, try mashing it in a bowl and tasting it. It's tangy and sweet at the same time. The crunch of little seeds adds nice texture. I added Asian flavors and put the resulting sauce on top of a simply cooked piece of salmon, but I bet this sauce would be good on halibut, scallops, shrimp or even fried calamari. The sauce keeps in fridge for at least 3 days.
Another way to use mashed kiwi fruit is in guacamole. It has an amazing ability to keep your guac from browning, must be all that vitamin C. What fruits or vegetables have you saved from the compost heap? I'd love to hear your success stories!
Note: When you cook fish you may be frustrated that it is overcooked by the time it gets to the table. Always take the fish off the heat or out of the oven a minute or two before it is completely cooked since it will continue cooking with the carryover heat.
Kiwi Sauce for Salmon
serves 2
Ingredients
- 2 fillets wild or sustainably farmed salmon, about 12 ounces
- Salt and freshly ground pepper
- 1 garlic clove, grated or finely mined
- 1/2 teaspoon grated fresh ginger
Sauce
- 1 green kiwi, a bit overripe is fine
- 1/4 teaspoon grated fresh ginger
- 1/4 teaspoon soy sauce
- Sriracha hot chili sauce, to taste, a couple of drops is fine
Instructions
- Preheat oven to 375 degrees. Place fish skin side down on a foil-lined rimmed sheet pan, season with salt and pepper and rub with grated garlic and ginger and bake until not quite cooked through, about 10 minutes, it may take a few minutes longer if your fish is very thick.
- Meanwhile mash the kiwi in a bowl and add the ginger, soy and Sriracha sauce and stir to combine. Plate fish and top with sauce.
- Enjoy!
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