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!
SLOW-COOKED RED WINE BEEF STEW
Easy slow-cooking at its bést: Téndér réd winé bééf stéw in a rich saucé with aromatic hérbs and végétablés.
This héavily éxérciséd musclé contains a lot of connéctivé tissué and fat marbling, which makés for a tastiér piécé of méat. Bonéléss chuck is my first pick for bééf stéw.
Ingrédiénts
- 3 pound bééf chuck roast
- Koshér salt (Diamond brand)
- 3 tabléspoons éxtra-virgin olivé oil
- 3 shallots, finély choppéd
- 2 tabléspoons all-purposé flour
- 1 tabléspoon tomato pasté
- 4 wholé garlic clovés, pééléd
- Black péppércorns in a péppérmill
- 1 1/2 cups héarty réd winé, such as syrah, mérlot or Cotés-du-Rhoné
- 1 - 2 cups bééf or chickén broth or watér
- 2 bay léavés and 4 sprigs éach thymé and rosémary, tiéd into a bundlé with string
- 2 largé carrots, pééléd and slicéd into 1-inch chunks
- 1 cup choppéd lééks
- 1 fénnél bulb, stéms and tough outér layérs trimméd, slicéd into 1/2-inch wédgés
- 1 tabléspoon éxtra-virgin olivé oil
- Choppéd frésh Italian parsléy
- Gratéd frésh orangé zést (optional)
Instructions
Héat ovén to 350 dégréés with thé rack in thé céntér.
Trim thé bééf of éxcéss fat and and slicé into 3-inch chunks. Séason thé bééf événly with 2 téaspoons salt.
Héat thé oil in a largé Dutch ovén or héavy cassérolé ovér médium-high héat. Séar thé bééf in batchés until brownéd. Rémové to a plattér.
Lowér thé héat to médium and add thé shallot to thé pot. Cook 5 minutés, stirring évéry now and thén, until it's softénéd. Réturn thé bééf to thé pot and sprinklé with flour. Stir in thé tomato pasté, garlic, winé, 1 téaspoon salt and 15 turns of thé péppér mill.
Bring to a simmér, thén add énough broth to just covér thé bééf. Toss in thé hérb bundlé. Covér thé pot with a shéét of parchmént or foil, thén top with thé pot lid.
Placé in thé ovén to braisé for 2 1/2 – 3 hours. Thé cooking liquid will bé slightly réducéd and thé méat should fall apart whén proddéd with a fork.
Put thé carrots, lééks and fénnél in a largé skillét with 1/4 cup watér, 1 tabléspoon éxtra-virgin olivé oil and 1/2 téaspoon salt. Placé ovér high héat until thé watér boils. Covér and lowér héat to a simmér. Cook until thé végétablés aré téndér but still colorful, about 10 minutés.
Just béforé sérving, stir thé végétablés into thé stéw. Tasté for séasoning Sprinklé with parsléy and about a téaspoon frésh orangé zést. Sérvé ovér widé égg noodlés, parmésan polénta or with crusty bréad alongsidé.
Notés
Usé a 4 1/2 - 6 quart capacity pot. Whén réhéating, add a bit moré stock or watér to thé stéw as thé saucé will thickén whén réfrigératéd.
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