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!
Bulgogi (Korean BBQ Beef)
Bulgogi is a marinated meat dish made with thin slices of beef, usually rib eye. It is no doubt one of the most well-known Korean dishes to non-Koreans. During my recent work-related training, I met someone who lived in Korea for a year many years ago. She said she greatly misses the food she used to eat in Korea and asked me if I had a bulgogi recipe. I told her about my galbi (BBQ beef short ribs) recipe, and promised her that I would post a bulgogi recipe soon.
You can find pre-sliced bulgogi meat at Korean markets. Pay a little more to get quality meat with good marbling. If cutting the beef at home, partially freeze for about an hour to firm it up for easier slicing.
Ingredients
- bulgogi3
- 2 pounds thinly sliced beef (rib eye or top sirloin)*
- 3 scallions cut into 2-inch pieces
- 1 small onion thinly sliced
- 1 small carrot, thinly sliced
Marinade
- 6 tablespoons soy sauce
- 3 tablespoons water
- 2 tablespoons sugar
- 2 tablespoons honey
- 2 tablespoons rice wine (or mirin)
- 2 tablespoons garlic
- 2 tablespoons sesame oil
- 2 teaspoons sesame seeds
- 3 tablespoons grated Asian pear (optional)
- 1/8 teaspoon pepper
Instructions
- Mix all the marinade ingredients in a large bowl. If using packaged pre-sliced meat, separate the slices. Add the meat and vegetables to the marinade and toss gently to combine everything well. Marinate the meat for about an hour.
- bulgogi1
- Grill on a charcoal or gas grill or pan fry in a skillet over high heat until slightly caramelized. Preheat and lightly oil with sesame oil before adding the meat. If pan frying, do not crowd the skillet.
- Notes
- *Pre-sliced bulgogi meat is sold at any Korean market. Pay a little more to get good quality meat. If cutting the beef at home, partially freeze for about an hour to firm it up for easier slicing. Cut across the grain into about 1/8-inch thick slices.
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