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!
Lemon Meringue Slab Pie
This lemon meringue slab pie is perfect for serving a crowd. Lemon desserts are popular and this pie is no exception—it's great for potlucks and spring gatherings.
Ingredients
- Crust
- 1
- box Pillsbury™ refrigerated pie crusts, softened as directed on box
- Filling
- 2 1/2
- cups sugar
- 1/2
- cup cornstarch
- 1/2
- teaspoon salt
- 2 1/2
- cups water
- 3
- teaspoons grated lemon peel
- 3/4
- cup fresh lemon juice
- 5
- egg yolks
- 5
- tablespoons butter, cut into pieces
- Meringue
- 6
- egg whites, room temperature
- 1
- teaspoon vanilla
- 1/2
- teaspoon cream of tartar
- 3/4
- cup sugar
INTRUCTIONS:
- Heat oven to 450°F. Remove pie crusts from pouches. On lightly floured surface, unroll and stack crusts one on top of the other. Roll to 17x12-inch rectangle.
- Fit crust into 15x10x1-inch pan, pressing firmly into corners and sides. Fold extra crust underneath and slightly on top edges of pan; poke bottom and sides of crust with fork. Bake 7 to 8 minutes or until light golden brown; remove from oven, and cool completely. Reduce oven temperature to 325°F.
- Meanwhile, in 3-quart saucepan, mix 2 1/2 cups sugar, the cornstarch and salt. Stir in water, lemon peel and lemon juice until smooth. Cook and stir over medium-high heat. Heat to boiling; boil 1 minute, stirring constantly, until mixture is bubbly and thickened. Remove from heat.
- In small bowl, beat egg yolks with whisk. Gradually beat about 1/2 cup hot mixture into egg yolks. Gradually stir yolk mixture into hot mixture in saucepan. Cook over medium heat, stirring constantly, until mixture starts to gently boil. Cook 2 minutes longer, stirring constantly. Remove from heat and stir in butter; cover and keep warm.
- In large bowl, beat egg whites, vanilla and cream of tartar on medium speed about 1 minute or until soft peaks form. Gradually add 3/4 cup sugar, 1 tablespoon at a time, beating on high speed about 5 minutes or until stiff glossy peaks form and sugar is completely dissolved.
- Pour hot lemon filling into baked pie shell. Immediately drop spoonfuls of meringue onto hot lemon filling, and carefully spread meringue to cover top completely, spreading to edge of crust to seal well and prevent shrinkage.
- Bake 20 to 25 minutes or until meringue is light golden brown and temperature reaches 160°F. Cool on cooling rack 1 hour. Refrigerate 3 to 4 hours or until filling is set. Store in refrigerator.
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