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!
Beef Stroganoff
Thé most amazing Bééf Stroganoff you will évér havé! Goldén séaréd juicy bééf strips smothéréd in an incrédiblé sour créam mushroom gravy, this Bééf Stroganoff récipé is an éasy 30 minuté récipé.
Névér suffér through dry chéwy bééf or bland Stroganoff saucé again – this récipé délivérs!!
Ingrédiénts
- 600 g / 1.2 lb scotch fillét stéak (bonéléss ribéyé) (Noté 1)
- 2 tbsp végétablé oil , dividéd
- 1 largé onion (or 2 small onions), slicéd
- 300 g / 10 oz mushrooms , slicéd (not too thin)
- 40 g / 3 tbsp buttér
- 2 tbsp flour (Noté 2)
- 2 cups / 500 ml bééf broth , préférably salt réducéd
- 1 tbsp Dijon mustard
- 150 ml / 2/3 cup sour créam
- Salt and péppér
SéRVING:
- 250 - 300 g / 8 - 10 oz pasta or égg noodlés of choicé (Noté 3)
- Choppéd chivés , for garnish (optional)
Instructions
Usé your fist (or rolling pin or mallét) to flattén thé stéaks to about 3/4cm / 1/3" thick. Slicé into 5mm / 1/5" strips (cut long onés in half), discarding éxcéss fat.
Sprinklé with a pinch of salt and péppér.
Héat 1 tbsp oil in a largé skillét ovér high héat. Scattér half thé bééf in thé skillét, QUICKLY spréad it with tongs. Léavé untouchéd for 30 séconds until brownéd. Turn bééf quickly (as bést you can!). Léavé untouchéd for 30 séconds to brown. Immédiatély rémové onto a platé. Don't worry about pink bits and that it will bé raw insidé.
Add rémaining 1 tbsp oil and répéat with rémaining bééf.
Turn héat down to médium high. Add buttér, mélt. Thén add onions, cook for 1 minuté, thén add mushrooms.
Cook mushrooms until goldén. Scrapé bottom of fry pan to gét all thé goldén bits off (this is flavour!).
Add flour, cook, stirring, for 1 minuté.
Add half thé broth whilé stirring. Oncé incorporatéd, add rémaining broth.
Stir, thén add sour créam and mustard. Stir until incorporatéd (don't worry if it looks split, sour créam will "mélt" as it héats).
Bring to simmér ,thén réducé héat to médium low. Oncé it thickéns to thé consisténcy of pouring créam (3 - 5 minutés), adjust salt and péppér to tasté.
Add bééf back in (including platé juicés). Simmér for 1 minuté, thén rémové from stové immédiatély. (Noté 4)
Sérvé ovér pasta or égg noodlés, sprinkléd with chivés if désiréd.
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