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!
SPAIN: CHOCOLATE CON CHURROS
SPAIN: CHOCOLATE CON CHURROS
You have to go to Spain to understand the importance of the long and thin donuts to Spanish cuisine and culture. I had been to Spain a number of times in my childhood and even as an adult, but it is only when I went to Madrid for work this year that I really appreciated the real chocolate con churros as I had the chance to visit Chocolateria San Gines, an institution in the Spanish capital.
Churrerias are establishments where you can taste churros accompanied by hot chocolate. Originally from Madrid, they can now be found everywhere in Spain. In the morning, they are crowded with night owls after a night of drunken fiesta. In fact, chocolate con churros have a reputation of being excellent hangover food. These night owls cross paths with early risers, who themselves start the day with the famous must-have breakfast.
But a simple pastry bag with a star tip is more than enough to make them at home. The dough is quite thick, so do not forget to add “elbow grease” to the list of ingredients!
Churros are fried-dough pastries that are traditional in Spain and Portugal, as well as the Philippines and Latin America. They are often served with chocolate.
Ingredients
- 2 cups of water
- 2 cups flour
- ⅓ cup powdered sugar
- 1 pinch salt
- Vegetable oil for frying
- For the chocolate
- 2 cups whole milk
- 5 oz dark chocolate
- 1 tablespoon cornstarch
Instructions
- Bring water and salt to a boil. Turn off the heat and pour the flour mixed with sugar, and stir vigorously with a wooden spoon to make a smooth dough which separates easily from the edges of the pan. Let cool.
- Heat the oil in a pan for deep frying. Put the dough in a churrera, or a piping bag fitted with a star tip.
- Press to form sticks about 5 inches long and gently drop them into the frying oil. Avoid frying too many churros at the same time as they might stick together.
- Using a slotted spoon, turn them during cooking, then when they are golden brown, drain and place on a paper towel immediately.
- Either sprinkle with powdered sugar or leave plain to soak them in hot chocolate.
- Chocolate
- Take ¼ cup of milk and mix it with cold cornstarch.
- Bring to a boil the remaining 1-¾ cup of milk and chopped chocolate, and stir constantly until chocolate is completely melted with the milk.
- Maintain a small boil and pour the cornstarch dissolved in cold milk. Stir over low heat until thickened, about 3 to 4 minutes.
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