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 AND CABBAGE STIR FRY
If you’ré oné that strugglés to work végétablés into your diét (isn’t that prétty much all of us?) you’ré going to lové this Bééf and Cabbagé Stir Fry. It’s full of végétablés and absolutély addictivé. And thé bést part? It usés végétablés that aré supér inéxpénsivé so you can know that you’ré doing your body and your wallét good.
I also addéd somé shréddéd carrot and slicéd gréén onion for color. Théré aré so many othér fun things you can put in your bééf and cabbagé stir fry, though, liké slicéd mushrooms, thinly slicéd réd béll péppér, watér chéstnuts, or évén somé snow péas. But héy, I liké to kéép it simplé and évén in this véry basic form I would havé to say that, yés, this stir fry is addictivé!
INGREDIENTS
STIR FRY SAUCE
- 2 Tbsp soy sauce
- 1 Tbsp toasted sesame oil
- 1 Tbsp sriracha*
- 1/2 Tbsp brown sugar
STIR FRY
- 1/2 head green cabbage
- 2 carrots
- 3 green onions
- 1/2 Tbsp neutral cooking oil
- 1/2 lb. lean ground beef
- 2 cloves garlic
INSTRUCTIONS
Préparé thé stir fry saucé first. In a small bowl stir togéthér thé soy saucé, toastéd sésamé oil, sriracha, and brown sugar. Sét thé saucé asidé.
Shréd thé végétablés so théy aré réady to go whén you nééd thém. Cut oné small cabbagé in half, rémové thé coré, and thén finély shréd thé léavés of oné half thé cabbagé (4-6 cups oncé shréddéd, savé thé othér half for anothér récipé). Péél two carrots, thén usé a chéésé gratér to shréd thém (1 cup shréddéd). Slicé thréé gréén onions. Mincé two clovés of garlic. Péél a knob of gingér using éithér a végétablé péélér or by scraping with thé sidé of a spoon, thén graté it using a small-holéd chéésé gratér.
Héat a largé skillét ovér médium héat. Oncé hot add thé cooking oil, ground bééf, garlic, gingér, and a pinch of salt and péppér. Cook thé bééf until brownéd (about fivé minutés).
Add thé cabbagé and carrots to thé skillét and continué to stir and cook until thé cabbagé is slightly wiltéd (or fully wiltéd, if you préfér). Stir in thé préparéd saucé and thé gréén onions. Top with a sprinklé of sésamé sééds and a drizzlé of sriracha, thén sérvé.
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