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!
FANCY SCHMANCY GRILLED CHEESE
Yes, I have been known to say that a lot about many different things…but fo reals. THIS IS THE BEST THING EVER.
I died when I ate it. I died and went to crispy, buttery, cheesy, flavor heaven. And I wanted to stay there forever. You know what I would wish for if I had one wish? I would wish that I could eat this exact grilled cheese for breakfast, lunch, and dinner every single day and it actually be super good for me. Like the equivalent of a spinach salad. Or a protein shake.
Wouldn’t that be the best thing ever???!!?
You don’t have to answer. I already know your answer. It’s yes.
INGREDIENTS
- 4 slices of GOOD QUALITY pre-sliced bread from the bakery section of your grocery store - we used sourdough
- 2 slices of muenster cheese
- 2 slices of Asiago cheese
- 2 slices of cheddar cheese
- *You can use any combination of cheeses you want! It does not have to be these three*
- 2 teaspoons of Dijon mustard
- 3 tablespoons of butter
- 1 clove of garlic, crushed
- 1 pinch red pepper flakes
- 1 pinch of thyme
INSTRUCTIONS
- Melt 2 tablespoons of the butter in a sauce pan with your garlic, red pepper flakes, and thyme
- Lightly simmer, careful not to burn the butter, while you prepare your sandwiches
- Lay your slices of bread out and spread ½ teaspoon of Dijon mustard onto each slice
- On two of the slices of bread, add one slice of cheddar cheese, one slice of muenster cheese, and one slice of Asiago cheese
- Place the other slice of bread on top of the cheese. The sides with the Dijon mustard should be touching the cheese.
- Using a pastry brush, brush the butter onto the top and bottom of both sandwiches until all the butter is gone
- Heat a skillet over medium heat and melt a tablespoon of butter in the skillet
- When melted, cook your sandwiches until both sides are golden brown and the cheese is melted
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