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!
Lemon Meringue Tarts
An absolutely delicious dessert – little bites of heaven!
Serves 4
Prep time: 15 minutes plus overnight chilling time
Cooking time: 45 minutes
Ingredients
For the pasty
25g icing sugar
100g plain flour
60g salted butter, cut into cubes
1 egg yolk
For the lemon filling
3 lemons, grated zest and juice
100g salted butter
175g caster sugar
2 eggs plus 2 egg yolks
4tbsp double cream
For the meringue
6 egg whites
100g caster sugar
Method
To make the pastry, place the icing sugar and flour into a large bowl. Add the butter and rub together until you have a breadcrumb consistency. Make a well in the centre, add the egg yolk and mix with your fingertips until you have a smooth pastry. Leave to chill in the fridge as long as possible - overnight is best.
Preheat the oven to 180°C/Fan 160°C/Gas mark 4. Lightly grease four 10cm individual tart tins.
For lemon filling, put all the ingredients except the double cream in a saucepan and heat over a low heat until the butter has melted. Remove from the heat and allow to cool for a minute and then add the cream.
Put the lemon mixture through a sieve and return to the pan and heat slowly until it thickens. Now sieve again and set aside.
On a lightly floured surface roll out the pastry to 3mm and line the tart tins, press the dough into the sides. Prick the base of the pastry and line with greaseproof paper and baking beans. Blind-bake for 4 minutes, then remove the beans and paper and bake for a further 4 minutes until golden.
Once the cases have cooled pour in the lemon mixture to set.
To make the meringue, put the egg whites in clean, dry bowl. Using an electric mixer whisk the egg whites on a low to medium speed until they start to turn white, then increase the speed to high. While the egg whites are whisking put the sugar and 4 tsp water into a pan and heat the mixture over a low heat until the mixture reaches 110°C. Carefully swirl in 1tbsp of cold water around the edge to prevent crystals forming.
Pour the sugar syrup slowly into the egg whites whilst they are whisking. Keep whisking until the mixture cools and soft peaks form.
Place the meringue on top of the lemon tarts. Using a chef’s blowtorch to crisp the outer shell (or lightly brown under a hot grill). Decorate with sieved icing sugar if desired. Enjoy.
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