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!
HONEY MUSTARD SALMON IN FOIL
This Honey Mustard Salmon recipe features a homemade honey mustard sauce that is super delicious (and easy to adapt if you like to go heavier on the honey or mustard side). It can also be cooked quickly and easily in the oven or on the grill — your choice.
INGREDIENTS:
- HONEY MUSTARD SALMON IN FOIL:
- 1 batch honey mustard sauce (see below)
- 2 pound side of salmon, boneless and skinless
- 1 tablespoon finely-chopped fresh parsley leaves
- HONEY MUSTARD SAUCE INGREDIENTS:
- 1/3 cup whole grain mustard
- 1/4 cup honey
- 4 cloves garlic, peeled and minced
- 2 tablespoons fresh lemon juice
- 1/4 teaspoon smoked paprika
- 1/4 teaspoon Kosher salt
- 1/8 teaspoon black pepper
DIRECTIONS:- TO MAKE THE HONEY MUSTARD SALMON IN FOIL:
- Heat oven to 375°F. Or heat a grill to medium heat.
- Prepare your honey mustard sauce as directed below.
- Line a large baking sheet with a large sheet of aluminum foil. Mist the foil with cooking spray, then lay out the salmon in the middle of the foil.
- Spoon the honey mustard sauce on top of the salmon, and spread it around evenly so that it covers the top of the salmon.
- Fold the sides of the aluminum foil up and over the top of the salmon until it is completely enclosed. (If your sheet of foil is not large enough, just place a second sheet of foil on top and fold the edges so that it forms a sealed packet.)
- To Cook In The Oven: Bake for 14-15 minutes, or until the salmon is almost completely cooked through. (Cooking times will vary on the thickness of your salmon, so I recommend checking it a few minutes early if you have a thinner cut of salmon.) Remove the salmon from the oven and carefully open and pull back the aluminum foil so that the top of the fish is completely exposed. (Be careful, lots of hot steam will be released!) Change the oven setting to broil, then return the fish to the oven and broil for 2-3 minutes. (Keep a close eye on the salmon while broiling, though, to be sure that the sauce does not burn.)
- To Cook On The Grill: Carefully transfer the packet of salmon to the grill, and grill for 12-14 minutes, or until the salmon is almost completely cooked through. (Cooking times will vary on the thickness of your salmon, so I recommend checking it a few minutes early if you have a thinner cut of salmon.) Carefully open and pull back the aluminum foil so that the top of the fish is completely exposed. (Be careful, lots of hot steam will be released!) Continue cooking for 3-4 minutes, until the fish is cooked through.
- Remove salmon from the oven or grill. Sprinkle the top of the salmon evenly with parsley, and serve immediately.
- TO MAKE THE HONEY MUSTARD SAUCE:
- Whisk all ingredients together in a small bowl until combined.
- If you really love mustard, feel free to increase the mustard amount to 1/2 cup, and/or scale back a bit on the honey.
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