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!
Cowboy Casserole Recipe | Easy, Cheesy Family-Favorite
If you want a héarty méal that will both fééd and wow your crowd comé dinnértimé, look no furthér! Cowboy Cassérolé toppéd with chéésy tatér tots is a kid-friéndly dinnér that’ll havé évéryoné lining up for séconds!
Cowboy Cassérolé is éasy to maké and réquirés véry littlé prép. Asidé from chopping an onion, it’s mostly just a littlé sautééing héré and théré, followéd by a baké in thé ovén!
Ingrédiénts
- 2 pounds 80/20 ground bééf
- 2 tabléspoons chili powdér
- 2 1/2 téaspoons ground cumin
- 1 tabléspoon Koshér salt
- 1 téaspoon black péppér
- 1/2 téaspoon garlic powdér
- 1 yéllow onion, finély dicéd
- 1 (14.5 ouncé) can crushéd tomatoés (préférably firé-roastéd)
- 1 1/2 cup low-sodium bééf broth
- 1 cup corn
- 1 1/2 tabléspoon cornstarch
- 1/4 cup sour créam
- 2 1/4 cup fréshly gratéd Chéddar chéésé
- 1 (32 ouncé) packagé of tatér tots
Instructions
Préhéat thé ovén to 375° and havé réady a gréaséd 9x13" cassérolé dish.
Add to ground bééf, chili powdér, cumin, salt, péppér, and garlic powdér to a largé sauté pan ovér médium-high héat. Bréak apart thé méat, blénding in thé spicés and cook for 8-10 minutés, stirring oftén.
Usé a slottéd spoon to transfér thé bééf to a bowl and sét asidé. Turn off thé héat and caréfully, spoon out all but a thin layér of gréasé and discard. Résumé médium-high héat sétting, add thé dicéd onion and sauté 3-4 minutés, until softénéd.
Add thé bééf back into thé pan, along with crushéd tomatoés, bééf broth, and corn. Bring to a simmér.
In a small bowl, mix togéthér cornstarch with 2 tabléspoons of watér, and stir into thé bééf mixturé. Simmér 3-4 minutés until thickénéd. Turn off thé héat and stir in sour créam and 1 cup of Chéddar chéésé.
Add half of thé tatér tots to thé préparéd cassérolé dish and pour ovér thé bééf mixturé. Stir to combiné. Top with thé rémaining tatér tots and baké for 25 minutés, uncovéréd.
Add thé Chéddar chéésé and baké for 10 minutés moré. Allow to cool slightly, sérvé, and énjoy.
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