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!
Sopa de Fideo (Mexican Noodle Soup)
This recipe will show you how to make sopa de fideo, a Mexican noodle soup in a tomato-based broth. This simple and frugal soup does not skimp on flavour and is just what you need to warm you up on a chilly afternoon!
Once the noodles are golden and toasty, pour in the tomato puree and simmer it for a couple of minutes to cook out the raw onion and garlic. Then add vegetable stock, cover and simmer until the noodles are cooked through. That’s it, soup’s done and you can garnish it as you like!
This recipe will show you how to make sopa de fideo, a Mexican noodle soup in a tomato-based broth. This simple and frugal soup does not skimp on flavour and is just what you need to warm you up on a chilly afternoon!
Ingredients:
- 1 can (400 grams / 14 oz) whole tomatoes (use fresh tomatoes in summer)
- Half a small onion
- 2 cloves of garlic
- 1 chipotle pepper from a can (optional)
- 200 grams (7 oz) fideo cut noodles or spaghetti/angel hair pasta broken into 1 inch pieces
- 4 cups (1 litre) vegetable stock (or more for a thinner soup if you prefer)
- ½ teaspoon salt
- Pepper, to taste
- 1 avocado, diced
- A small bunch of fresh cilantro
- 4 radishes, thinly sliced
- 4 slices of lime
Instructions
- Place the tomatoes, onion, garlic and chipotle in a blender and process until smooth. If you’re using fresh tomatoes you can strain the mixture of the skin and seeds once it’s blended. I didn’t bother doing that with canned tomatoes.
- Meanwhile heat a medium-sized pot over medium heat and add the noodles (you can also add a tablespoon of oil if you like). Toast the noodles, stirring frequently, until golden brown. Add the pureed tomato mixture and simmer for a couple of minutes, stirring frequently, to cook out the raw onion.
- Add the vegetable stock, bring to a boil, cover and reduce the heat to medium-low. Simmer for the length of time indicated on the noodle package or until the noodles are tender.
- Add salt and pepper to taste. If you want a thinner soup, add more vegetable stock or water. Serve into bowls and top with avocado, cilantro, radish and a slice of lime for squeezing over.
- If you have leftovers, the soup will thicken as it cools. Just add a bit of stock or water to loosen it up before reheating.
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