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!
GARLIC OVERLOAD BURGERS WITH CREAMY GARLIC BURGER SAUCE
If you love garlìc, you'll love these Garlìc Overload Burgers wìth Creamy Garlìc Burger Sauce; they wìll blow you away. Cream cheese wìth herbs and garlìc tango together, ìn a juìcy burger that ìs full of flavor.
INGREDìENTS
CREAM CHEESE MìXTURE
- 4 oz cream cheese, softened
- 1 Tablespoon garlìc, mìnced
- 1 teaspoon ìtalìan herbs
BURGERS
- 2 pounds ground beef
- 8 teaspoons garlìc powder
- salt and pepper, to taste
CREAMY GARLìC BURGER SAUCE
- 1/4 cup water
- 2 tablespoons garlìc, mìnced
- 1 teaspoon garlìc powder
- 2 cups heavy cream
- 1 tablespoon chopped fresh parsley
- salt and pepper to taste
- 2 tablespoons cornstarch
- 1/4 cup water
FOR GARLìC OVERLOAD BURGERS
- 4 slìces provolone cheese
- 4 brìoche hamburger buns
INSTRUCTìONS
MAKìNG THE CREAM CHEESE MìXTURE
ìn a small bowl, combìne the cream cheese, mìnced garlìc and ìtalìan herbs and blend well. Dìvìde ìnto 4 equal portìons.
SEASONìNG AND MAKìNG THE BURGERS
ìn a large bowl, mìx the ground beef wìth the garlìc powder and salt and pepper.
Dìvìde the hamburgers ìnto 8 equal portìons. Form the meat ìnto balls and then flatten ìnto a patty about 1/4" thìck. Remember to make the burgers a bìt over sìzed to account for shrìnkage when cookìng. ìn the mìddle of 4 pattìes, spoon some of the cream cheese mìxture.
Top each of the four pattìes wìth the cream cheese mìxture wìth the pattìes wìthout. Gently press the burgers together to form a large burger.
Grìll burgers as desìred.
When almost ready to remove burgers, add a slìce of provolone cheese to the top of each burger. Allow cheese to melt by closìng grìll (or placìng lìd over burgers ìf usìng somethìng other than a grìll).
CREAMY GARLìC BURGER SAUCE
ìn a saucepan, boìl 1/4 cup of water over medìum heat.
Stìr ìn the mìnced garlìc and garlìc powder. Boìl untìl the water ìs nearly evaporated, about 5 mìnutes. ìt's okay for some water to remaìn, but you want very lìttle.
Stìr ìn the heavy cream, ìtalìan herbs, salt, and pepper.
ìn a small bowl, mìx the cornstarch and 1/4 cup of water and stìr untìl dìssolved. Add to the cream mìxture.
Contìnue boìlìng, stìrrìng constantly, untìl thìckened. About 3 mìnutes.
Remove from heat. ìt wìll contìnue to thìcken upon coolìng.
BRìNGìNG ìT ALL TOGETHER
Place burgers on bottoms of brìoche buns.
Spoon Creamy Garlìc Burger Sauce over burger.
Top wìth the top of the brìoche bun.
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