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!
Bak Kwa Recipe
Bak Kwa is the
Hokkien (Fujianese) word for dried meat. It is actually more like wafer thin slices of barbecued pork jerky. Unlike beef jerky which is usually dehydrated to remove the moisture in the meat, Singapore Chinese style pork jerky is moist and grilled to perfection over charcoal fire.
Two Versions of Bak Kwa
There are two versions of
Bak Kwa. The first one is chewier in texture with visible bits of thinly sliced pork in it. The other is more tender because it is made totally with minced (ground) pork. I personally prefer the first version but for the home cook, the minced (ground) pork version is easier to achieve.
Use Ground Pork with Sufficient Fat
From past experience, it is better to use minced (ground) pork with about 20% fat content to get that slightly translucent texture when held to the light. I tried using very lean pork once and was disappointed with the results. The texture was a little too hard and dense. Also, spreading a thin even layer of meat on the parchment paper helps on the thin side. 3mm to 4mm is probably idealy.
Bak Kwa (Chinese Pork Jerky)
Wafer thin Bak Kwa (Chinese Pork Jerky) is a must-have for the Chinese New Year. Make your own using just a few simple ingredients and at a fraction of the cost.
- 2 lbs ground pork with at least 20% fat (900g)
- 2 tbsp Shao Hsing cooking wine
- 1 tbsp dark soy sauce
- 1 tbsp fish sauce
- 1 tsp sesame oil
- ½ tsp ground pepper
- ½ tsp five-spice powder
- 2/3 cup sugar (145g)
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Combine all ingredients in a large bowl. Mix well with a sturdy serving spoon for about 2 minutes. Mixture will turn gooey. Cover and refrigerate for at least 4 hours or overnight.
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Prepare 5 to 6 sheets of parchment paper the size of a jelly roll pan (15.5in x 10.5in).
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Spread a thin layer of meat mixture with a butter knife onto parchment paper. The meat layer should be about 2mm to 2.5mm thick. Leave an inch around the perimeter of paper clear of meat for easy handling.
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Place a large piece of shrink wrap over the meat. Using a rolling pin, roll over meat to smoothen and even out the spread meat. Remove shrink wrap. Repeat until all meat is used up.
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Transfer sheets of meat to jelly roll pans and bake in a 250°F (120°C) oven for 15 minutes.
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The partially cooked meat should be nice and dry*. When it is cool enough to handle, cut each sheet of meat into 6 pieces.
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Increase oven temperature to 425°F (220°C). Transfer meat and parchment paper to a broiler pan this time and grill for approximately 5 minutes. Meat burns easily at this stage. Adjust time accordingly.
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Remove from oven. Flip slices of meat over with a pair of tongs. Return pan to the oven for another 5 minutes. Remove and cool c
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