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!
Eggs Benedict with Avocado Recipe
A delicious and simple eggs benedict recipe made with avocado, bacon and toasted French bread. No double boiler required.
Can we all agree that breakfast is the greatest meal of the day? I’m not talking about running out the door with a piece of toast on a Tuesday morning. I’m talking about lazy weekend brunch with cocktails.
Brunch is our favorite meal. It could be 4 o’clock in the afternoon and I’d still be ready to crush breakfast. Eggs benedict is by far Patty’s item of choice. While I love eggs benedict, I’m more of a “hungry man special” kind of guy. I want it all—bacon, eggs, sausage, toast, and home fries. I can’t stand choosing between bacon or sausage. I WANT BOTH, WE ALL WANT BOTH.
Anyway, Patty and I went out for brunch with friends this Summer at tavern in Providence, Rhode Island. It was her breakfast that eventually inspired eggs benedict with avocado. This particular eggs benedict recipe consisted of poached eggs served on toasted French bread topped with sliced avocado and of course, hollandaise sauce. I have never tasted anything like it. It was phenomenal. Bacon was my own personal addition, because breakfast is better with bacon.
INGREDIENTS :
- 1 teaspoon distilled white vinegar
- 4 strips bacon, halved
- 4 slices french bread, cut 1 inch thick and toasted
- 1 avocado, sliced into 12 wedges
- butter to spread on french bread
- 1 tablespoon finely chopped fresh parsley for garnish
- hollandaise sause
- 2 egg yolks
- 1 1/2 tablespoons lemon juice
- pinch of ground black pepper
- dash of worcestershire sauce
- 1/2 tablespoon water
- 1 stick of butter, melted
- pinch of salt
INTRUCTIONS :
- For the Hollandaise sauce, whisk the egg yolks, lemon juice, Worcestershire sauce, salt, and pepper together in a stainless steel bowl. Place the bowl on top of a medium-sized saucepan containing lightly simmering water (or a double boiler,) the water should not touch the bottom of the bowl.
- Continue to whisk. Be careful not to let the eggs get too hot or they will scramble and separate. Add the melted butter, whisking constantly until the sauce is thickened and the volume has increased.
- Remove bowl from the heat, cover and set aside until ready to serve. If sauce gets too thick, whisk in a little warm water before serving.
- Fry the bacon in a medium skillet and toast the French bread directly on the oven rack under the broiler, about 5 minutes.
- Meanwhile, begin to poach eggs. Fill a large saucepan with 3-4 inches of water, bring to a simmer and add vinegar. Break each egg and carefully place in the water and cook for 2 1/2 to 3 minutes. Carefully remove with a slotted spoon and set aside (crack eggs into small prep bowls ahead of time for easy adding to the simmering water).
- Butter each slice of french bread, top with a slice of halved bacon, 3 avocado slices, one poached egg, and drizzle with hollandaise sauce. Sprinkle with fresh parsley and serve immediately.
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