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!
CAJUN CHICKEN PASTA ONE POT
This quick Cajun chicken one-pot is a winner for the family dinner table. Cajun spiced chicken in a creamy tomato sauce – with pasta and extra veg.
CAJUN CHICKEN PASTA ONE POT RECIPE
Ingredients- 1 tbsp olive oil
- 1 onion peeled and chopped
- 1.5 tbsp Cajun seasoning
- 2 chicken breasts cut into bite-size pieces
- 75 g chorizo, cut into small chunks
- 2 cloves garlic peeled and minced
- 1/2 red bell pepper deseeded and sliced
- 1/2 green bell pepper deseeded and sliced
- 1/2 yellow bell pepper deseeded and sliced
- 200 g dried pasta shapes
- 1 x 400g tin chopped tomatoes
- 480 ml chicken stock
- 60 ml double (heavy) cream
- Large handful of fresh baby spinach
- 10 fresh cherry tomatoes sliced in half
- 50 g grated cheddar cheese
- 2 tbsp freshly chopped parsley
Instructions- Heat the oil in a large frying pan (skillet) and add the onion. Cook on a medium heat for 5 minutes, stirring occasionally, until the onion begins to soften.
- Sprinkle the Cajun seasoning on the chopped chicken breast, then add to the pan with the onion. Heat for 5-6 minutes until the chicken is sealed on all sides.
- Add in the chorizo and garlic and fry for a further two minutes, until the chorizo starts to release it’s oils, then add peppers. Stir, then add the pasta shapes, tin of tomatoes and chicken stock. Bring to the boil, stir, then place a lid or some foil over the pan. Turn the heat down and let the pasta simmer for 15 minutes. Check and stir once or twice during this time.
- After 15 minutes, remove the lid and test the pasta. It should be just cooked (if it isn’t, cook for a couple of minutes more with a splash of boiling water if needed). Stir in the cream, heat through for a minute then turn off the heat and stir in the spinach. It should wilt very quickly.
- Sprinkle on the sliced tomatoes, grated cheese and parsley, then serve.
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