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!
BEST STEAK MARINADE
How to grill the most delicious, juicy, and tender steak! Plus, an insanely good steak marinade recipe.
This easy steak marinade takes minutes to whip together and takes a value/budget steak from good to AMAZING!
Ingredients
- 1/2 cup olive oil
- 1/3 cup low-sodium soy sauce
- 2 large lemons (1/4 cup freshly squeezed lemon juice, 1/2 teaspoon lemon zest)
- 1 tablespoon minced garlic
- 1/4 cup Worcestershire sauce
- 3 tablespoons dried basil
- 1 and 1/2 tablespoons garlic powder
- 1 and 1/2 tablespoons dried parsley
- 1 tablespoon dried oregano
- 1 teaspoon ground white pepper
- Coarse sea salt, optional
- Steaks of your choice
- Canola oil, for grill grates
Instructions
- In a medium-sized bowl, add in the olive oil, soy sauce, lemon juice and lemon zest, minced garlic, Worcestershire sauce, dried basil, garlic powder, dried parsley, dried oregano, and white pepper.
- Whisk until ingredients are combined and incorporated.
- Pour the mixture over steaks of your choice (the pictures show a NY Strip Steak; read the post for the "best grilling steaks")
- Cover (or seal the bag) and place in the fridge for up to 6 hours (too much longer than that and the acidity starts to "cook" the meat).
- About 20 minutes before grilling, remove the steaks and let sit (still covered) at room temperature (not outside).
- Heat the grill to high heat. Once the grill is hot, clean it with a wire brush. Roll up a few paper towels and drench them in canola oil. Using tongs, rub the paper towel wad along the grill grates generously.
- Remove the steaks from the marinade and sprinkle coarse salt over the top (Optional. Don't add salt if you didn't use a low sodium soy sauce or are sensitive to salt).
- Place the steaks on the grill and cook about 4-5 minutes (rotate 90 degrees at 2 and 1/2 minutes for diamond grill marks)
- Using tongs, flip the steak over and continue to grill for 3-5 minutes for medium-rare (internal temperature of 135 degrees F).*
- The grill time will GREATLY vary based on your actual grill, your steak (thickness), and the actual temperature of your grill. For best results, use a meat thermometer and remove the meat when it is 5 degrees below your desired internal temperature. (It will cook a bit more after being removed from the grill.)
- Once the steaks are cooked to your desired doneness, remove them to a plate or cutting board and tent loosely with foil for 5-10 minutes to give the juices chance to re-distribute (juicier steaks!)
- Enjoy!
Recipe Notes
*Different temperatures for the doneness of steaks are found in the last section of text for this recipe along with tons of other grilling tips!
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