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 Tips and Gravy Slow Cooker
Téndér bééf tips smothéréd in a smooth, hérbéd gravy with tasty mushrooms is a midwéék luxury. Rich flavors dévélop in thé slow cookér as thé bééf bécomés mélt-in-your-mouth téndér.
Théy cook in théir own gravy. Not only is thé méat moré flavorful and téndér, but théré’s no séparaté stép at thé énd—just sérvé thé bééf tips and gravy diréctly from thé crock pot, so I can énjoy my family or guésts right up to sérving timé.
Ingrédiénts
Bééf
- 1 Tabléspoon olivé oil
- 2 pounds stéw méat or chuck roast cut into 1 inch cubés
- 1 téaspoon salt
- 1/2 téaspoon péppér
- ½ téaspoon garlic granulés
Gravy
- 3 tabléspoons buttér dividéd
- 1/2 cup all-purposé flour
- 3 cups bééf broth
- 1/2 cup dry réd winé or additional bééf broth
- 1 Tabléspoon worcéstérshiré saucé
- 1 Tabléspoon réd winé vinégar
- 2 tsps tomato pasté
- 1/2 tsp driéd parsléy
- ½ tsp driéd orégano
- 1/4 tsp driéd thymé
Thé Rést
- 1 yéllow onion dicéd
- 1 Tabléspoon mincéd garlic
- 12 ouncés crémini mushrooms slicéd
Instructions
Chunk meat into 1 inch cubes, pat dry with paper towels, then season with salt, pepper, and garlic granules.
Heat 1 tablespoon olive oil in a large skillet over medium high heat, and add beef to skillet, browning it on all sides. Try not to stir too much so you can get a nice sear and a good crust.
Transfer beef to a 6-QT crock pot. Leave any juices in skillet for gravy.
Add 2 tablespoons butter, to the juices in skillet, and add in your onions, minced garlic and mushrooms. Quick saute for 3-5 minutes until mushrooms start to release their juices, then add mushrooms, garlic, and onions to slow cooker. Leave any juices in pan.
Return pan to medium high heat and add an additional 1 Tbs of butter to the pan juices (2 if you accidentally poured the juices into your slow cooker). Let butter melt.
While still over heat, whisk flour into the butter, until a thick paste has formed. Then add the beef broth, dry red wine, worcestershire, red wine vinegar, tomato paste and herbs stirring it all together.
Bring to a boil then reduce heat and allow gravy to simmer until thickened to the consistency of thick gravy.
Pour gravy into slow cooker, and stir.
Place lid on slow cooker, and cook on high for 3-4 hours or on low for 5-7 hours, until beef is tender. Taste and season with additional salt and pepper as needed.
Serve over mashed potatoes, pasta or rice.
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