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!
BEER BATTERED ONION RINGS WITH DIPPING SAUCE
A super quick easy seven ingredient beer batter makes these onions ring so flavorful and crispy. Dip in my six ingredient lime mayo and you will think you have a slice of heaven.
These Beer Battered Onion Rings with Dipping Sauce are the most delicious way to prepare onion rings. The beer batter can be prepared in a few minutes and they are consistently good every time! Crunchy, golden and fried to perfection they will quickly become one of your favorite onion rings.
First mix the mayo, ketchup, black pepper, cayenne pepper, garlic and lime juice. Place some flour aside on a shallow plate. In medium bowl combine flour, cayenne pepper, cumin, pepper, garlic powder, beaten egg and one cup to one and half cups of beer depending on how thick you want the batter.
Heat the oil in large heavy pot like a dutch oven or deep fryer. Dip the onion rings in the flour on the shallow plate and and then dunk in the beer batter. Fry in the oil until golden brown working in small batches. Drain on paper towels and serve with Lime Mayo Sauce.
INGREDIENTS :
ONION RINGS
- 2 large sweet onions rough skins removed, cut into 1/2 inch rings and seperated
- 1 1/4 cup all purpose flour
- 1/4 teaspoon ground cayenne pepper
- 1/4 teaspoon cumin
- 1/2 teaspoon fresh ground black pepper
- 1 teaspoon garlic powder
- 1 egg beaten
- 1–1 1/2 cups beer
- Vegetable oil for frying
LIME MAYO SAUCE
- 1/3 cup mayo
- 1 tablespoon ketchup
- 1/4 teaspoon fresh ground black pepper
- 1/8 teaspoon ground cayenne pepper
- 1 small clove garlic finely minced
- 1 tablespoon lime juice
INSTRUCTIONS:
- In small bowl combine mayo, ketchup, 1/4 teaspoon black pepper, 1/8 teaspoon ground cayenne pepper, garlic and lime juice.
- Set 1/4 cup of flour aside on a shallow plate. In medium bowl combine 1 cup flour, 1/4 teaspoon ground cayenne pepper, cumin, 1/2 teaspoon black pepper, garlic powder, beaten egg and 1 cup to 1 1/2 cups beer depending on how thick you want the batter.
- Heat oil to 375 degrees. Dip onion rings in flour on shallow plate and then into batter. Fry battered onion rings in the hot oil until browned, about 4 minutes. Place on paper towels while working in small batches.
- Serve hot with Lime Mayo Sauce
Recipe Adapted From
BEER BATTERED ONION RINGS WITH DIPPING SAUCE
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