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!
Broccoli and Smoked Salmon Omelette
Ingredients For One
- 1 tbsp olive oil
- 100g Tenderstem® Broccoli, each piece cut into 3
- Half a small red onion, finely sliced
- 3 large free-range eggs
- Knob of butter
- 2 tbsp cream cheese
- 1 tbsp chopped chives
- Salt and pepper
- 50g smoked salmon, cut into strips
Method
- Heat the olive oil in a small non-stick frying pan (around 15cm diameter) and gently sauté the Broccoli and onion, until softened and onion starting to become golden. Remove from the pan and keep to one side.
- While the onion and Broccoli are cooking, mix together the cream cheese and chopped chives. Season with salt and pepper.
- Return the pan to the hob, increase the heat and add the butter. Break the eggs into a bowl and whisk together with a fork. Season with salt and pepper.
- Once the butter is bubbling, add the eggs. Swirl around the pan and either using a fork or rubber spatula, stir around until the eggs are almost set. Spread to cover the surface and leave to continue cooking for a minute or so, until the top of the eggs are almost set, with just a little liquid on the surface.
- Spoon the onion and Broccoli onto one half of the omelette. Add the cream cheese and finally lay over the salmon. Tilt the pan and carefully fold over the other half of the omelette on top of the filling. Slide onto a plate and serve with a green salad.
Tip... Fried bacon or chorizo are delicious alternatives to smoked salmon. You could also add a pinch of dried chilli flakes into the pan with the onion and Broccoli for a kick.
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