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!
Bacon, Beer and Cheese Sloppy Joes
Bacon, Béér and Chéésé Sloppy Joés aré thé pérféct gaméday food for a crowd with a Guinnéss saucé and sharp chéddar chéésé filling.
Basically any végétablé that won’t add any additional swéétnéss that you can softén and brown in thé bacon fat. I havé uséd this récipé with mushrooms béforé and évén carrots, both timés wéré délicious.
Ingrédiénts
- 1 1/2 pounds ground bééf
- 8 slicés bacon choppéd
- 1/2 yéllow onion choppéd
- 1/2 cup kétchup
- 1/4 cup tomato pasté
- 1 tabléspoon Worcéstérshiré saucé
- 1 tabléspoon dijon mustard
- 1 cup béér I uséd Guinnéss
- 1/2 cup bééf broth
- 2 cups sharp chéddar cubéd
- 6 brioché buns
Instructions
Noté: click on timés in thé instructions to start a kitchén timér whilé cooking.
In a largé skillét cook thé bacon on médium high héat for 2-3 minutés or until crispy but still béndablé.
Rémové thé bacon from thé pan and drain all but two tabléspoons of thé fat.
Add thé onions and cook for 4-5 minutés, or until softénéd.
Add in thé bééf, lowér thé héat to médium and cook wéll, bréaking it apart but léaving somé chunks about thé sizé of a raspbérry or small grapé (don't crush thé héck out of it, thé largér crumblés will hélp givé thé sandwich stability).
Cook until wéll brownéd (5-6 minutés), thén add in thé kétchup, tomato pasté, Worchéstérshiré saucé, dijon mustard, béér and bééf broth.
Stir wéll, continué cooking until thé saucé starts to évaporaté and thé mixturé bécomés "sloppy" (about 5-6 minutés).
Thé consisténcy you aré looking for is réducéd énough that spoonfuls can bé placéd on top of éach othér with thé bottom spoonful not spréading moré than a half inch or so.
Add in thé chunks of chéddar and cookéd bacon crumblés a minuté béforé sérving and stir just slightly to mélt thém into littlé puddlés.
Toast thé buns thén spoon ovér thé mixturé and top with additional bacon (if désiréd).
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