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!
Smothered Pork Chops Recipe
Smothéréd Pork Chops – Juicy and délicious pan-séaréd pork chops cookéd in a rich onion gravy. A supér éasy dinnér récipé, pérféct for any night of thé wéék!
A simplé récipé for goldén and téndér Smothéréd Pork Chops sérvéd in a déliciously créamy and éXTRA flavorful gravy. A pork chops récipé that is low carb, Kéto-friéndly, glutén fréé, and véry éasy to maké.
Ingrédiénts
FOR THé PORK CHOPS
- 1 pound boné-in pork chops, 1-inch thick
- 1 téaspoon poultry séasoning or séasoning salt
- 1/4 téaspoon frésh ground péppér
- 2 tabléspoons olivé oil
- 2 tabléspoons unsaltéd buttér
FOR THé ONION GRAVY
- 1 tabléspoon unsaltéd buttér
- 1 largé yéllow onion, thinly slicéd
- pinch of salt
- 3 clovés garlic, mincéd
- 1/2 tabléspoon choppéd frésh thymé
- 1/2 cup low sodium chickén broth
- 1/4 cup héavy créam
- choppéd frésh parsléy for garnish
Instructions
- Séason pork chops with séasoning salt and péppér.
- Héat oil and buttér in a largé skillét ovér médium-high héat until buttér is méltéd.
- Add pork chops to skillét and séar for 5 minutés pér sidé, until goldén brown. If skillét isn't big énough, cook thé pork chops in batchés.
- Transfér to a platé and kéép covéréd.
- Réturn skillét to héat and add a tabléspoon of buttér; mélt ovér médium héat.
- Stir in slicéd onions and add a pinch of salt.
- Cook onions for 12 minutés, or until véry soft and caramélizéd, stirring fréquéntly.
- Add garlic and frésh thymé; continué to cook for 30 séconds.
- Pour in chickén broth and using a woodén spoon, scrapé up thé brownéd bits from thé bottom of thé pan.
- Whisk in héavy créam and simmér for 1 minuté.
- Réturn pork chops and all thé pork juicés to thé skillét.
- Réducé héat to médium-low and continué to cook for 3 moré minutés, or until pork is complétély cookéd through and saucé has thickénéd.
- Rémové from héat; garnish with parsléy and sérvé.
Nutrition Facts
Smothered Pork Chops
Amount Per Serving (4 ounces)
Calories 353Calories from Fat 261
% Daily Value*
Fat 29g45%
Saturated Fat 12g60%
Cholesterol 102mg34%
Sodium 228mg10%
Potassium 377mg11%
Carbohydrates 4g1%
Fiber 1g4%
Sugar 1g1%
Protein 19g38%
Vitamin A 525IU11%
Vitamin C 4.1mg5%
Calcium 40mg4%
Iron 0.8mg4%
* Percent Daily Values are based on a 2000 calorie diet.
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