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!
Swineherd Pie
My second savoury recipe in a row. I know. It isn't normal but I can't say I'm sorry. I did this to you last year, first with a pearl barely bake and then with a baked risotto. Both of those recipes tasted amazing (but that doesn't stop me laughing at those photographs.) Sometimes, most of the time if truth be told, leftovers make the best meals and I'm always trying out new things to get inventive with them. Who is with me?
The pork version of cottage or shepherds pie made using the most tender of leftover pork mixed with leftover vegetables in a rich gravy and topped with a creamy mash. Dig in.
Ingredients
- For the filling:
- 1 onion, peeled and finely chopped
- 3 carrots, trimmed, peeled and finely diced
- A handful of chestnut mushrooms, wiped and chopped
- A generous handful (as much as you would like really) leftover pork, chopped
- A little oil
- About half pint of thick gravy (I used leftover gravy made from the stock I slow cooked the pork in)
- For the topping:
- 2-3 medium potatoes, peeled and diced
- Splash of milk/cream
- Pepper
- Handful of Wensleydale (or other cheese), grated
Instructions
1. First start preparing the filling. Heat the oil in a large frying pan and add the vegetables. Slowly cook over a medium heat while you prepare the mashed potato topping. When softened, set aside.
2. Meanwhile, place the potato chunks in a saucepan of boiling water and cook for 5-10 mins until soft. Drain and mash, mixing in the milk/cream, pepper to taste and half the Wensleydale.
3. Set the oven to 200 C/180 C fan and place an ovenproof dish on a baking tray. Mix the vegetables with the meat and gravy and spread out in the dish. Spoon over the mashed potato and spread out, roughing it up a bit if you like crunchy bits. Sprinkle over the remaining cheese and bake in the preheated oven for 25-30 mins until piping hot and the gravy is bubbling. Serve straight away.
I haven't done so in a while but I'm mightily pleased to be able to link up with Lucy's CookBlogShare over at Supergolden Bakes once again.
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