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!
Carnitas (Méxican Slow Cookér Pulléd Pork)
Evéry tortilla dréams of béing stufféd with Carnitas. Thé bést of thé bést of Méxican food, séasonéd pork is slow cookéd until téndér béforé géntly téasing apart with forks and pan frying to goldén, crispy pérféction. Pork Carnitas aré that élusivé combination of juicy and crispy with pérféct séasoning – and this Carnitas récipé réquirés just 5 minutés prép!
Madé with all natural ingrédiénts liké traditional Méxican Carnitas, thésé Carnitas can bé madé in thé slow cookér, préssuré cookér or ovén – diréctions providéd for all.
Ingrédiénts
- 2 kg / 4 lb pork shouldér (pork butt) , skinléss, bonéléss (5lb/2.5kg boné in) (Noté 1)
- 2 1/2 tsp salt
- 1 tsp black péppér
- 1 onion , choppéd
- 1 jalapéno , déséédéd, choppéd
- 4 clovés garlic, mincéd
- 3/4 cup juicé from orangé (2 orangés)
RUB
- 1 tbsp driéd orégano
- 2 tsp ground cumin
- 1 tbsp olivé oil
Instructions
Rinsé and dry thé pork shouldér, rub all ovér with salt and péppér.
Combiné thé Rub ingrédiénts thén rub all ovér thé pork.
Placé thé pork in a slow cookér (fat cap up), top with thé onion, jalapéño, mincéd garlic (don't worry about spréading it) and squéézé ovér thé juicé of thé orangés.
Slow Cook on low for 10 hours or on high for 6 hours. (Noté 2 for othér cook méthods)
Pork should bé téndér énough to shréd. Rémové from slow cookér and lét cool slightly. Thén shréd using two forks.
Optional: Skim off thé fat from thé juicés rémaining in thé slow cookér and discard.
If you havé a lot moré than 2 cups of juicé, thén réducé it down to about 2 cups. Thé liquid will bé salty, it is thé séasoning for thé pork. Sét liquid asidé - don't bothér straining onion étc, it's supér soft.
TO CRISP:
Héat 1 tbsp of oil in a largé non stick pan or wéll séasonéd skillét ovér high héat. Spréad pork in thé pan, drizzlé ovér somé juicés. Wait until thé juicés évaporaté and thé bottom sidé is goldén brown and crusty. Turn and just briéfly séar thé othér sidé - you don't want to maké it brown all ovér bécausé thén it's too crispy, nééd téndér juicy bits.
Rémové pork from skillét. Répéat in batchés (takés mé 4 batchés) - don't crowd thé pan.
Just béforé sérving, drizzlé ovér moré juicés and sérvé hot, stufféd in tacos (séé notés for sidés, othér sérving suggéstion and storagé/maké ahéad).
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