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!
Chocolate Danish Braid
This recipe makes use of the quick laminated dough technique I use for puff pastry and croissants. You can, of course, make a traditional danish dough
if you want to (replace the cream cheese in the the recipe with mashed potatoes). I think the results are pretty good with the quick dough, though, and spending less time laminating works for me. You can fill this with whatever you want, but the chocolate is always a crowd pleaser. You will also have to forgive my idiosyncratic measurements in the recipe.
Quick Danish Dough- 300 g all purpose flour- 3/4 tsp salt- 3 tbsp sugar- 1 1/2 tsp instant yeast- 140 g cold margarine or vegan butter- 7 oz cold plain soy milk- 2 oz cold mashed potatoes (i.e. potatoes boiled whole, then skinned, then mashed)- 1/2 tsp vanillaChocolate Filling- 1/4 cup icing sugar- 1/4 cup all purpose flour- 1/2 cup semi-sweet chocolate chips- 2 tbsp cold margarine- 1-2 tbsp soy milk- soy milk and maple syrup for brushing- sliced almonds- course sugarMETHODTo Make the Dough:1. Whisk together flour, salt, sugar, and yeast. Cut in cold margarine like you would for a pie crust. 2. Blend mashed potatoes and vanilla into the soy milk with an immersion blender until smooth. Add to flour/margarine mixture and gently mix with a silicon spatula until the flour is hydrated. Use the spatula to shape into a ball as best you can.3. Cover the bowl and refrigerate the dough over night. 4. On baking day, turn the dough out onto a floured surface and fold twice as per this recipe
. 5. Let the dough rest for 15 mins.6. While dough is resting, blend together sugar and flour for the filling in a food processor. Pulse in the chocolate chips, then the margarine. Blend in enough soy milk to make a thick but spreadable paste.7. Roll the dough into a 9x14 inch rectangle. Spread the paste down the middle third of the dough rectangle. Use a sharp knife or pizza cutter to cut 1.25 inch diagonal strips on both sides of the filling (like this
). Cut off the triangular pieces at the top and bottom to leave a flap at the top and bottom. Fold the top flap down, then start folding alternating strips over the flap and then the filling at an angle. Fold the bottom flap up before you cover it with the remaining strips. 8. Carefully transfer to a cookie sheet lined with parchment paper, cover, and leave to rise until almost doubled. Since the dough is cold this will take about 2 hours.9. Preheat oven to 425. Mix a splash of maple syrup into about 1/4 cup of soy milk. Gently brush the braid with the soy milk mixture. Let sit for 5 mins, then brush again. Sprinkle with sliced almonds and sugar.10. Bake for 15 mins, then reduce oven temperature to 375 degrees and bake for another 15 mins, or until a deep golden colour. You can cover the braid with foil if it browning too quickly. 11. Transfer to a wire rack to cool.
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