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!
SMOKED SALMON PIZZA
SMOKED SALMON PIZZA
We’re all about the working lunches so it’s usually something that can be whipped up quickly, like one of our favorite things: DIY sushi bowls. Our other main alternative is turning to Urth Caffe. We love the large variety they offer and the eats are usually pretty healthy, yet filling.
SMOKED SALMON PIZZA
Ingredients:
basic pizza dough:
- 1 cup warm water (110°F)
- 1 envelope (1/4 ounce) active-dry yeast
- 1 tablespoon granulated sugar
- 1 teaspoon honey
- 1 1/2 tablespoons extra virgin olive oil
- 3 cups bread flour plus more for dusting
- 1 1/2 teaspoons salt
- toppings (enough for two pizzas):
- 1/2 cup crème fraiche
- 6 ounces cold smoked salmon, cut on a bias into thin strips
- 1/4 red onion, thinly sliced
- 1/4 cup capers, drained
- 1 cup baby arugula
- 3-4 large sprigs dill
- zest of 1 lemon
- salt and pepper to taste
Directions:
- Preheat oven to 425°F. (be sure to preheat pizza stone as well, if using)
- For dough: Place water, yeast, sugar, honey, and olive oil in a mixing bowl and gently stir together. Allow mixture to sit for 5 minutes (water should begin foaming slightly).
- While yeast mixture sits, sift together flour and salt. Add flour mixture to yeast mixture, 1/2 cup at a time, until fully incorporated and dough begins to form. Turn dough onto a lightly floured surface and knead until smooth, about 8 to 10 minutes. (dough should spring back when poked)
- Form into a ball and place in a lightly greased bowl and cover with plastic wrap or a damp towel and place in a warm area and allow to proof until doubled in size, about 1 1/2 -2 hours. Punch dough down and turn onto a clean, lightly floured surface.
- Divide dough into two equal pieces and roll each piece into a 14 inch disc, about 1/4 inch thick. Cover baking sheets with parchment and sprinkle with a layer of cornmeal. (if using a pizza peel, sprinkle peel with thin layer of cornmeal)
- Place crusts in prepared baking sheets, pierce the surface all over with a fork, and brush with small amount olive oil.
- Bake for 10-12 minutes or until golden brown and crisp. Remove from oven and allow crust to cool before topping.
- To assemble: Dollop 1/2 the crème fraiche atop the crust and top with pieces of salmon. Top salmon with a sprinkle of red onions and capers. Sprinkle 1/2 arugula and dill (sprigs, lightly torn) over the top and finish with a little salt, pepper and lemon zest. Serve.
full recipe:
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