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!
SPANAKOPITA RECIPE (GREEK SPINACH PIE)
If you’ve not made classic Greek Spanakopita before, you’re in for a treat! I am sharing a family-favorite; an easy spanakopita recipe. Crispy phyllo (fillo) pie filled with a soft spinach and feta mixture. Totally holiday-worthy! Tips, video, and step-by-step photos are included!
Easy Greek spanakopita recipe. A savory pie of phyllo crust filled with a soft spinach and feta mixture.
INGREDIENTS
- FOR THE SPINACH AND FETA FILLING
- 16 oz frozen chopped spinach, thawed and well-drained
- 2 bunches flat-leaf parsley, stems trimmed, finely chopped
- 1 large yellow onion, finely chopped
- 2 garlic cloves, minced
- 2 tbsp Private Reserve extra virgin olive oil
- 4 eggs
- 10.5 oz quality feta cheese, crumbled
- 2 tsp dried dill weed
- Freshly-ground black pepper
- FOR THE CRUST
- 1 16 oz package The Fillo Factory Organic Dough (#4 pasty sheets), properly thawed (see tips above)
- 1 cup Private Reserve extra virgin olive oil, more if needed
INSTRUCTIONS
- Preheat the oven to 325 degrees F.
- Before you begin mixing the filling, be sure the spinach is very well drained, and squeeze out any excess liquid by hand.
- To make the filling: In a mixing bowl, add the spinach and the remaining filling ingredients. Stir until all is well-combined.
- Unroll the phyllo (fillo) sheets and place them between two very lightly damp kitchen cloths.
- Prepare a 9 1/2″ X 13″ baking dish like this one. Brush the bottom and sides of the dish with olive oil.
- To assemble the spanakopita: Line the baking dish with two sheets of phyllo (fillo) letting them cover the sides of the dish. Brush with olive oil. Add two more sheets in the same manner, and brush them with olive oil. Repeat until two-thirds of the phyllo (fillo) is used up.
- Now, evenly spread the spinach and feta filling over the phyllo (fillo) crust. Top with two more sheets, and brush with olive oil.
- Continue to layer the phyllo (fillo) sheets, two-at-a-time, brushing with olive oil, until you have used up all the sheets. Brush the very top layer with olive oil, and sprinkle with just a few drops of water.
- Fold the flaps or excess from the sides, you can crumble them a little. Brush the folded sides well with olive oil. Cut Spanakopita ONLY PART-WAY through into squares, or leave the cutting to later.
- Bake in the 325 degrees F heated-oven for 1 hour, or until the phyllo (fillo) crust is crisp and golden brown. Remove from the oven. Finish cutting into squares and serve. Enjoy!
NOTES
Make Ahead Notes: You can make spanakopita the evening before. Follow up to step #9, cover and refrigerate. When you are ready, go ahead and bake according to step #10.
Freezing Instructions: Already cooked spanakopita will freeze well. Be sure to have it well covered to avoid freezer burn. No need to thaw before baking.
Recommended for this Recipe: Private Reserve Greek extra virgin olive oil (from organically grown and processed Koroneiki olives).
SAVE try our Greek olive oil bundle and our popular Ultimate Mediterranean Spice Bundle
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