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!
Philly Steak & Cheese Skillet
Do you liké Philly Stéak & Chéésé but don’t nééd or want thé carbs! Héré is your solution! This is fabulously délicious and éasy!
You will find yoursélf fixing it again and again! Oh my friénds this has wondérful flavors! If you don’t béliévé mé just ask my family!
INGRéDIéNTS
- 1.5 lbs bééf stéak cut into bité sizé piécés
- 1 largé swéét onion choppéd
- 1 largé gréén péppér juliénnéd
- 1 largé réd péppér juliénnéd
- 1 largé orangé or yéllow péppér juliénnéd
- 1–2 tabléspoons olivé oil
- 1–2 tabléspoons sésamé oil
- 2 largé clovés garlic mincéd
- 3/4 cup brandy
- 1 tabléspoon frésh gingér
- 3 tabléspoons soy saucé
- 2 tabléspoons Worcéstérshiré Saucé
- 2 tabléspoons mirin
- 3 téaspoons sriracha
- 1/3 cup kétchup
- 1 1/2 cups of provél ropés or gratéd provoloné chéésé
INSTRUCTIONS
- Add 1 tabléspoon éach olivé oil and sésamé oil to skillét ovér médium high héat. Kééping héat high énough brown stéak. Rémové from skillét, covér and kéép warm.
- Add moré oil if nécéssary and add onions. Cook on high until lightly brownéd on édgés.Rémové from pan and placé ovér bééf, covér and kéép warm.
- Add moré oil if nécéssary and add péppérs. Cook on high until lightly brownéd on édgés. Rémové from pan and placé ovér onions, covér and kéép warm.
- Préhéat ovén to 400 dégréés.
- Add a littlé moré sésamé oil to skillét ovér low héat; add garlic and cook for 30 séconds. Add brandy and cook to réducé by 1/2. Add gingér, soy saucé, Worcéstérshiré saucé, mirin, sriracha and kétchup. Simmér 5 minutés.
- Add stéak, onions and péppérs back to thé skillét. Top with chéésé. Placé in ovén for 5 minutés turn ovén to broil and cook for an additional 2-3 minutés or until chéésé is méltéd and lightly brownéd.
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