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!
Recipe of Som Tam Fresh Salad From Thailand
A delicious Thai salad, Som Tam is a green papaya salad that combines all four tastes - sour, chilli, sweet and salty. A healthy and tasty treat for brunch, lunch or a casual light dinner.This is an authentic way of preparing a spicy Thai papaya salad! “Let’s bruise thin papaya strips with garlic, chilies, palm sugar, lime, and fish sauce!” It’s a great chance for you to learn a real Thai recipe, and a spicy yet refreshing salad !
Som Tam Recipe below :
Ingredients for 2 servings
- 2 cups of shredded green papaya (or swede/rutabaga)
- 2 tbs of toasted peanuts
- 2 cloves of peeled garlic
- 1-2 fresh birds eye chili (or more depending on tolerance)
- 1 tbs of dried shrimp
- ½ piece palm sugar
- 7 cherry tomatoes
- juice of ½ lime
- 1½ tbs of fish sauce
- 1-2 tbs Thai snake beans (or green beans) cut into 1 inch sticks
Directions
- Roughly crush a small handful of unsalted peanuts with mortar and pestle. Set aside. Wipe the mortar and pestle clean.
- Melt palm sugar in a small pan at low or medium heat, adding 2 tbs of water. The cooking process should form a shiny and thick syrup. This makes it easier to mix the sugar with the salad.
- Peel the papaya (or swede), shred it with a shredder (or a mandolin slicer) to thin strips and soak them in cold water while you prepare the rest of the salad. This makes the papaya crunchier and gets rid of any excess starch from the swede.
- Cut the green beans into one-inch pieces. Throw away the endings.
- Take the chilies and peeled garlic and give them a gentle bash with mortar and pestle. You still ought to see bits and pieces, not a puree. Add the shrimp and continue bashing. Add the crushed peanuts and mix well.
- Add the shredded papaya and continue bashing, but not too hard. Just enough so the mixture soaks up the flavours. Use a bigger spoon as a support tool, that way you can shift the salad in the mortar and it doesn’t fall out while bashing and mixing.
- Add the liquid palm sugar, tomatoes, beans, lime juice and fish sauce. Continue to lightly bash, shift with the spoon, and mix a little more.
- Serve on a big dish or bowl, sprinkle some crushed peanuts on top!
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