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!
SUMMER STRAWBERRY SOUR CREAM PIE
I have a love-hate relationship with Twitter. Twitter is related to this big ol’ Strawberry Sour Cream Pie, I promise.
On one hand, I hate Twitter. Twitter moves at the speed of light during prime tweeting hours. My OCD urge to not “miss out” on what’s going on slams head-on into a wall built with millions of 140-character bricks. Suddenly, I realize I’ve been watching my twitter feed for the better part of an hour. My eyes glaze over, my back hurts, and my brain starts translating each thought into its shortest possible expression.
INGREDIENTS:
- 2 cups flour
- 1 teaspoons salt
- 1/4 cup cold lard (non-hydrogenated if available)*
- 1/2 cup cold butter, chopped
- 3-4 tablespoons ice cold water
- 1 egg and 1 teaspoon heavy cream for egg wash
- *you can substitute vegetable shortening here if you wish, but I highly recommend the lard!
Filling Ingredients:
- 1 quart fresh strawberries
- 1 cup flour
- 1 1/4 cup sugar, reserve 1 tablespoon
- Dash salt
- 1 cup sour cream (not fat-free)
Directions:
- Preheat oven to 450 degrees F. To make the crust, pulse flour and salt together to combine. Add scoops of lard and pulse into the mixture has the texture of coarse sand, about 10 seconds. Add in chunks of butter and pulse until butter pieces are no larger than small peas, about 10 pulses. Add minimum amount of water and pulse on low. If dough remains crumbly and doesn’t come together, add another tablespoon of water. Add as little as is required to enable the dough to be rolled into a ball. Form the dough into a disk, wrap in plastic, and refrigerate for 20-30.
- Roll disk of dough out to around 2 inches larger than your pie plate and transfer it, situating it in the plate. Fold the excess dough around the edges and crimp, trimming where necessary.
- Hull and wash the strawberries and slice them in half. Set aside. Sift flour, sugar, and salt into a large mixing bowl. Add sour cream, blending until creamy. Gently fold in the berries without overmixing. Pour fruit into pie shell and spread to edges without packing down — there should be spaces throughout the filling. Sprinkle the top with the last 1 tablespoon sugar.
- Bake the pie for 10 minutes, then reduce the heat to 350 degrees F (I leave the oven door open a minute during this period to let the temperature drop a little) and bake an additional 30 minutes or until crust is golden brown.
- Broil the pie for 2-3 minutes to brown up the top. Allow to cool completely (4-5 hours in the fridge, I’d say) before cutting, and serve with fresh whipped cream or ice cream.
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