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!
Country Ham and Potato Bake
Rich and creamy Country Ham and Potato Bake is pure southern comfort food. Delicious chunks of ham, bathed in a rich cream sauce under a melted layer of cheese is great for brunch or dinner, and this recipe can be made ahead!
One of the best things about making a huge smoked ham are the slew of leftovers. What…leftovers? That is not a word that gets used often in this house! That salty, smoky goodness is something that I (and the guys) could eat everyday.
When I actually have those rare leftovers, I divide them into two plastic storage bags…one that the guys can pick on and one that I actually hide in the veggie bin to use for a couple more meals. Yes, I admit it, I have to hide leftover meat in my house. Sad, but true!
Rich and creamy Country Ham and Potato Bake is pure southern comfort food. Delicious chunks of ham, bathed in a rich cream sauce under a melted layer of cheese is great for brunch or dinner, and this recipe can be made ahead!
Ingredients
- 3 tablespoons unsalted butter
- 1 medium onion, diced small
- 3 tablespoons all-purpose flour
- 3 cloves garlic, minced
- 1 tsp each salt and pepper
- 1/2 to 1 teaspoon cayenne pepper
- 1-1/2 teaspoon mustard powder
- 2 cups milk
- 2 cups country ham, cut into bite-size chunks (I used a fully cooked, spiral sliced smoked ham)
- 1 1/2 pounds potatoes (about 5 cups), sliced 1/4-inch-thick with a sharp knife or on a mandoline
- 2 cups shredded Monterey Jack cheese
- Chopped parsley for garnish
Instructions
- Preheat the oven to 350 degrees F. Grease an 8-by-8-inch baking dish with cooking spray or vegetable oil.
- In a skillet over medium heat, melt the butter. Add the onions and saute until almost clear, 3 to 4 minutes. Add the flour and stir until combined. Cook 1 to 2 minutes more. Add the garlic, 1 teaspoon salt, 1 teaspoon pepper, the cayenne and mustard powder. Whisk in the milk. Allow to cook and thicken slightly, about 3 minutes. Remove the pan from the heat.
- Line the baking dish with a layer of the ham chunks, then a layer of slightly overlapping potatoes, then about 2/3 cup sauce. Repeat the layering until all the ingredients are used. You should have 3 sets of layers, ending with the sauce on top. Top with the Monterey Jack cheese and cover with foil. Bake until the potatoes are tender, about 1 hour.
- Remove the foil and switch on the broiler.. Broil until the cheese is getting bubbly and browned, about 3 minutes. Watch carefully to not allow it to burn.Garnish with parsley and allow to cool slightly before serving..
Notes
1. 2% milk was used for this recipe. 2. Your favorite melting cheese like Swiss or Gruyere can be substituted for the Monterey Jack.
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