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!
20 Minute Healthy Chicken Burrito Recipe
20 Minute Healthy Chicken Burrito Recipe
Ingredients
- 3 large flour tortillas
- 1 lb boneless skinless chicken breast, chopped into bite size pieces
- 3/4 cups black beans, drained and rinsed (a little less than a whole can)
- 1/2 medium yellow onion, chopped
- 1 teaspoon chili powder
- 1 teaspoon cumin
- cooking spray
- 6 tablespoons Mexican cheese blend, shredded
- 3 tablespoons salsa, plus more for garnish
- 3 tablespoons sour cream, plus more for garnish
Instructions
- Spray a large cast-iron skillet with cooking spray and heat on medium/high heat. Add chicken, onion, chili powder, and cumin and cook for 8 minutes or until chicken is done. Add black beans and cook 1 more minute while stirring and remove from heat.
- Laying on flour tortilla flat, place 2 tablespoons cheese in center, then add 1/3 of the chicken mixture on top, then add 1 tablespoon of salsa, and 1 tablespoon sour cream. Roll tortilla in a jelly roll fashion, squeezing sides to ensure filling doesn’t fall out. Place seam side down on counter, and repeat with next 2 tortillas.
- Heat a grill pan or clean skillet over medium/high heat and spray with cooking spray. Set tortillas into pan, seam side down. Cook for 3-4 minutes, until golden brown on bottom side, flip and continue cooking on that side until browned. Remove from skillet and place on a wire rack or plates to serve.
- Serve with a side of sour cream, guacamole, salsa, hot sauce, or whatever toppings your family prefers
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