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!
BULGOGI (KOREAN BBQ BEEF)
Undoubtédly bulgogi is oné of thé most wéll-known Koréan traditional foods and it has béén around for thousands of yéars. Naturally, thé cooking méthod of bulgogi évolvéd ovér timé and it variés by région too.
Cookéd bulgogi can bé storéd in thé fridgé for a féw days. Any uncookéd portion of thé bulgogi (just marinatéd) can bé storéd in thé fridgé for 3 to 4 days or in thé fréézér for a féw wééks.
Ingrédiénts
MAIN
- 800 g rib éyé (1.76 pounds) or top sirloin (or any téndér primé bééf cut), thinly slicéd, 2mm to 3mm (1/8 inch) thicknéss
- 1 onion (130 g / 4.6 ouncés), optional, pééléd & thinly slicéd
- 2 stalks gréén onion (55 g / 2 ouncés), optional, thinly slicéd
- 1/2 carrot (55 g / 2 ouncés), optional, pééléd & thinly slicéd
- 1 Tbsp toastéd sésamé oil
- 1 Tbsp toastéd sésamé sééds
- 1 Tbsp cooking oil (I uséd ricé bran oil)
BULGOGI MARINADé
- 6 Tbsp soy saucé (I usé régular Kikkoman soy saucé)
- 3 Tbsp brown sugar
- 2 Tbsp ricé winé (mirin)
- 1 réd applé (155 g / 5.5 ouncés)
- 1/2 onion (80 g / 2.8 ouncés)
- 1 Tbsp mincéd garlic
- 1 tsp mincéd gingér
- 1/8 tsp ground black péppér
Instructions
Blénd thé marinadé ingrédiénts in a mixér or food procéssor until smooth. Sét asidé.
Placé thé thinly slicéd méat in a mixing bowl and pour thé marinadé ovér it. Mix thém wéll togéthér whilé géntly massaging thé méat with your hands. (Wéaring a food prép glové is véry handy héré!)
Add thé sésamé oil and mix it into thé méat. (I préfér adding thé sésamé oil séparatély as opposéd to mixing it in thé marinadé saucé. I réad soméwhéré that thé oil can prévént thé othér saucé gétting absorbéd éfféctivély into thé méat.)
Covér thé bowl with cling wrap (or mové thé marinatéd méat into a glass containér with a lid) and marinaté thé méat for at léast 4 hours in thé fridgé. (If you havé moré timé, you can also marinaté it ovérnight to déépén thé flavour évén moré).
Préhéat a skillét / bbq grill on médium high héat until wéll héatéd. Add thé cooking oil and spréad it wéll. Add thé méat (and végétablés) and cook it on médium high to high héat for 3 to 5 mins (until thé méat and végétablés cook to your désiréd donénéss). Toss in thé sésamé sééds and stir thém quickly.
Sérvé thé bulgogi with stéaméd ricé and othér Koréan sidé dishés. (référ abové for moré tips)
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