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!
CHEESE AND GARLIC CRACK BREAD
This Cheese and Garlic Crack Bread is EPIC! “Crack bread” is an appropriate name for this because it’s garlic bread – on crack! It’s basically a cheesy garlic bread, but so much more delicious!!
Cheese, garlic and bread – you can’t go wrong. This is a great cost effective FUN centrepiece for your next gathering!
This is garlic bread - on crack! Great to share with a crowd, or as a centre piece for dinner accompanied by a simple salad.
Ingredients
- 1 crusty loaf , preferably sourdough or Vienna
- 3/4 cup shredded Mozzarella cheese (or other melting cheese)
- Garlic Butter
- 100 g /3.5 oz / 7 tbsp unsalted butter , softened
- 2 large garlic cloves , minced
- 3/4 tsp salt
- 1 tbsp fresh parsley , finely chopped
Instructions
- Preheat the oven to 180C/350F.
- Combine butter, garlic and salt in a heatproof bowl and melt in the microwave. Stir through parsley.
- Cut the bread on a diagonal into 2cm/1" diamonds but do not cut all the way through the bread (just like you would cut a french stick for garlic bread).
- Use your fingers or a knife to pry open each crack and drizzle in a teaspoon of butter and stuff in a pinch of cheese. This might sound like a bit of an effort, but I promise you it is worth it! You don't need to be super neat, it's nice to have some of the butter drizzled over the crust.
- Wrap with foil and bake for 15minutes until the cheese has mostly melted, then unwrap and bake for 5 minutes more to make the bread nice and crusty.
- Serve immediately.
Recipe Notes
1. To make ahead, after wrapping with foil, wrap with cling wrap as well. Store in fridge overnight or freeze to store for longer. To cook, thaw then follow recipe instructions to bake.
2. The denser the bread, the better the pieces will hold together when pulled off.
3. Use already baked bread, not uncooked bread dough.
4. **Update** A reader reminded me of a fabulous "SPEEDY" tip that I should share with you! Instead of melting the butter, cream it. Then cut diagonal slices (in one direction only) and use all the butter and generously spread it in each crack, on both walls. Then cut the bread to make diamonds and as you drag the knife through the bread, it will spread the butter into the new crevices you are cutting. This doesn't provide quite the same even coverage of butter but for a speedy version, it is a small compromise. Thank you to CJ for the tip!
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