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!
Creamy Peppercorn Sauce
A quick peppercorn sauce is the perfect addition to any meal. I’m serious, I pour this stuff over everything. I like to call it ‘dressing up your dinner’. That or just pouring calories over your dinner, because that’s also quite fun. Delicious calories nevertheless!
'A Creamy Peppercorn Sauce couldn't be more simple and delicious to make! This Peppercorn Sauce without brandy is about to be your go-to sauce for steak, chicken, portobello mushrooms, potatoes and everything between!'
Ingredients
- 1 tbsp Black Peppercorns, crushed
- 1 cup / 250ml Double Cream
- 1/2 cup / 125ml Beef Stock
- 2 small Shallots, finely diced
- 1 clove of Garlic, finely diced
- 1 tbsp of Butter
- 1 tsp of Worcestershire Sauce
- Salt, to taste
Method
- If you're frying steak, chicken, mushroom etc leave the juices in the pan. This will add a huge amount of flavour to the peppercorn sauce.
- Melt your butter over medium heat and deglaze the pan if necessary. Fry your shallots until fragrant and translucent. (2-3mins)
- Add in your garlic and peppercorns and fry for a minute or so until the garlic just begins to brown.
- Pour in your Worcestershire sauce and beef stock, then stir in your cream.
- Add salt to taste.
- Reduce to a simmer until the sauce thickens enough to coat the back of a spoon. (8-10mins).
Recipe Notes
a) If you're not frying anything in the pan prior to the sauce, then start from melting the butter.
b) Spice - 1 tbsp of peppercorns will result in a definite kick in terms of spice. If you're not keen on spice then start with 1 tsp and adjust accordingly.
c) Crushing the peppercorns - To crush the peppercorns, either use a pestle and mortar or pop them in a zip lock bag and whack with a rolling pin (or something to that effect).
d) Using Brandy - If you still fancy adding Brandy, add it after the butter is melted. Allow it to simmer for a few seconds and then stand back and ignite the vapours with a match. Leave the flames to die down naturally to burn off all the alcohol. This is an important step as it it leaves a glossy/syrupy texture that helps thicken your sauce. If you are not confident with these steps please don't attempt them.
e) Calories - based on a division of 4. The whole peppercorn sauce recipe = 570 calories.
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