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!
EBANESE LAMB FATAYER
I can honestly say that I’ve never met a carbohydrate I didn’t like, so this tasty treat is right up my alley. It can be eaten as a super snack, a lovely lunch, or a delectable dinner. I am all in favor of foods that can be eaten at different times of day. Versatility is key in my book. Furthermore, there are various types of fatayer, like the cheese fatayer I blogged about just a few months ago. Lebanese lamb fatayer is an excellent example of street food, comfort food, as well as delicious food, all wrapped up into a pastry. Literally!
Try a simple and exotic Lebanese lamb fatayer with a simple dough and an incredible spice mixture. This is a Lebanese version of a calzone and will be a family favorite and fun to make too!
Ingredients
- Dough
- 1 3/4 cup flour all purpose
- 3/4 cup warm water (about 100'F)
- 2 tsp yeast rapid rise
- 1 tsp sugar
- 2 tsp salt
- Filling
- 8 oz lamb ground
- 1 tsp olive oil
- 1 onion dices
- 2 garlic cloves minced
- 1 Roma tomato cored, seeded, and diced
- 1/2 tsp salt
- 1/4 tsp allspice
- 3/4 tsp zatar
- 1 Tbsp curly parsley chopped for garnish
- 1 egg beaten with 1 Tbsp. water for egg wash
- 1/2 tsp nigella seeds for sprinkling
Instructions
- In a large bowl place flour and salt and mix well.
- In a small bowl place the warm water (the water should be between 100-110'F)). Add the yeast and sugar, stir lightly and let it sit until frothy ( this will take about 5-10 minutes).
- Add the yeast mixture to the flour and blend well until a soft dough forms.
- Rub a deep bowl with olive oil and place the dough inside the oven. Cover and let it sit until double in size (between 1-2 hours).
- Preheat oven to 400'F
- Turn dough onto a floured surface. Punch down and knead for about 5 minutes.
- Roll dough into the shape of a cylinder, and cut into 6 equal parts.
- To make the filling, heat the oil in a non stick skillet and saute the onion and garlic until translucent. Add the tomatoes, and the ground lamb.
- Use a spatula to break lamb into small pieces, and sprinkle in the salt, allspice and zatar.
- Cook completely.
- Divide the dough into 4 equal parts, and roll out each part into a 9" x 3" oval.
- Place filling down the center of the oval and then brush around the edges with the egg wash.
- Pinch the top and bottom of the oval to create a boat shape, and fold sides inwards.
- Place individual fatayer on a baking sheet that has been sprinkled with cornmeal. Sprinkle each individual fatayer with nigella seeds.
- Bake for about 15-20 minutes, or until fatayer appears golden and crispy. Garnish each fatayer with chopped parsley.
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