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!
Italian Broccoli & Salmon Bake
Italian Broccoli & Salmon Bake
Italian broccoli & salmon bake
PREP: 25 MINS - 35 MINS
COOK: 30 MINS
EASY
SERVES 4
Take a fresh look at broccoli with this creamy pasta bake
Nutrition: per serving
kcal 817 fat 42 g saturates 18 g carbs 64 g sugars 0 g fibre 5 g protein 49 g salt 1.3 g
Ingredients
- 250 g penne
- 300 g broccoli cut into large florets
- 25 g butter
- 25 g plain flour
- 600 ml milk
- 100 g mascarpone
- 8 sundried tomatoes (preserved in olive oil), drained and thickly sliced
- 2 tbsp small capers (optional) rinsed to remove excess salt or vinegar
- 8 anchovy fillets, halved (optional)
- 10 large fresh basil leaves, roughly torn
- 4 fresh skinless salmon fillets
- 50g mature cheddar, finely grated
Method
- Preheat the oven to 190C/gas 5/fan 170C and get out an ovenproof dish (measuring 20 by 30cm, and about 5cm deep). Meanwhile, put a large pan of water on to boil for the pasta. When it is boiling rapidly, tip in the pasta with a generous sprinkling of salt. Give it a stir, return to the boil and cook for 6 minutes. Add the broccoli, then return the water to the boil and cook for 4 minutes more, until the broccoli is on the firm side of just tender. Drain well.
- While the pasta is cooking, put the butter, flour and milk in a large pan and heat, whisking or stirring continuously, until it thickens to make a smooth sauce. Remove from the heat and stir in the mascarpone, sun-dried tomatoes, capers (if using), anchovies (if using) and basil, then add the pasta and broccoli and season well.
- Halve the salmon fillets widthways (you will see that there is an obvious divide on each fillet) then place the pieces in a single layer on the base of the ovenproof dish. Spoon the broccoli mixture on top, then scatter with the grated cheddar. (You can chill this for up to 4 hours if you want to get ahead.)
- Bake for 30 minutes until the mixture is just starting to bubble round the edges and the mixture is pale golden – don’t let it go too dark or the fish will overcook.
Recipe from Good Food magazine, February 2003
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