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!
SAMOA MACARONS
A rich, crisp on the outside, chewy on the inside chocolate macaron filled with caramel and toasted coconut. Samoa Macarons have the flavors of a Girl Scout Samoa cookie but dressed up for a macaron party.
INGREDIENTS:
- 100 grams powdered sugar
- 50 grams almond meal/flour
- 20 grams unsweetened Dutch-process cocoa powder, sifted
- 60 grams egg whites, at room temperature
- 40 grams granulated sugar
COCONUT CARAMEL FILLING
- 3/4 cup shredded sweetened coconut
- 20 chewy caramels, unwrapped
- 1 tablespoon milk
- dash of salt
DIRECTIONS:
- Preheat oven to 310º. Prepare a baking pan by lining it with parchment paper. Prepare a pastry bag by fitting it with a 1/2-inch plain tip. (Setting the pastry bag in a large mug or glass while you fill the bag makes it easier to fill.)
- Combine the powdered sugar, cocoa powder and almond meal. (You can pulse this mixture in a blender or food processor to grind your almonds a bit finer. A mini food processor works best for this if you have one.)
- With an electric mixer, beat the egg whites until they’re foamy. Gradually beat in the granulated sugar and continue beating until egg whites form stiff peaks.(To test to see if egg whites are ready, whip until the tip of the peak doesn’t fold over when you pull the beater out of the meringue.)
- Using a rubber spatula, gently fold the dry ingredients into the egg whites in two batches. Stop folding when the mixture is a smooth, thick, glossy batter that slowly drips off the spatula back into the bowl when you scoop it up. Don’t over mix. (You can put a spoonful on a plate to test it. If it slowly flattens out it’s perfect. If it just stays in a blob, give it a few more folds.)
- Spoon the batter in to the prepared pastry bag. Pipe the batter on to the prepared baking sheet in evenly spaced 1-inch circles (about 1 tablespoon of batter). (I print out a macaron template to put underneath my parchment to help pipe uniform macarons.)
- Holding the baking sheet in both hands, tap the baking sheet on the counter a few times to flatten the macarons. Leave out, uncovered for 15 minutes, then bake them for 15-20 minutes. Give the macs a gentle little shake with the tip of your finger to see if they’re done. You want them set but not firm. It’s better to undercook them a little so they are a bit chewy and not crisp.
- Let cool completely then remove from baking sheet.
COCONUT CARAMEL FILLING
- Preheat oven to 300º. Spread coconut evenly on a parchment-lined rimmed baking sheet and toast 10 – 20 minutes, stirring every 5 minutes, until coconut is golden. Cool on baking sheet, stirring occasionally. Set aside.
- Put the unwrapped caramels, milk and salt in a large microwave-safe bowl and cook on high for 1-2 minutes, stirring every 30 seconds. When smooth, fold in toasted coconut with a spatula.
- Using two teaspoons coated in cooking spray, drop a rounded teaspoon of filling on to a macaron shell and gently sandwich another shell on top. Don’t push too hard or the shell will crack.
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