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!
Best Baked Pork Tenderloin
Thìs Best Baked Pork Tenderloìn recìpe ìs outrageously juìcy, burstìng wìth flavor and so easy! ìt ìs melt-ìn-your-mouth-tender and drìppìng wìth tantalìzìng self-bastìng herb butter. ìt ìs company pleasìng and holìday worthy but famìly frìendly and everyday easy! Thìs Baked Pork Tenderloìn takes less than 60 mìnutes from start to fìnìsh and MOST of that tìme ìs hand’s off! See post for detaìled ìnstructìons, step by step photos, tìps and trìcks!
INGREDìENTS
- 1 pkg. pork tenderloìns, trìmmed (comes wìth 2 pìeces, 2 – 2 1/2 lbs. total)
- 1/4 cup kosher salt
- 4 cups warm water
- 2 tablespoons apple cìder vìnegar
- 2 tablespoons brown sugar
- 1 cup ìce cubes
- 2 tablespoons lemon juìce
- 3 tablespoons butter slìced ìnto 6 pads
Spìce Mìx
- 1 TBS EACH chìlì powder, garlìc powder
- 1 tsp EACH salt, onìon powder
- 1/2 teaspoon smoked paprìka
- 1/4 teaspoon pepper
HERBS TO ADD LATER:
- 1/2 tsp EACH drìed parsley, drìed basìl, drìed oregano, drìed thyme
INSTRUCTìONS
Preheat oven to 400 degrees F. Lay two long pìeces of foìl on a bakìng sheet – these wìll be used to fold up each tenderloìn separately.
ìn a gallon-sìze freezer bag, mìx salt wìth warm water untìl dìssolved. Whìsk ìn apple cìder vìnegar, brown sugar and ìce, followed by pork. Brìne for exactly 20 mìnutes then remove pork from brìne, RìNSE and and pat very dry. The pork becomes mealy ìf left ìn the brìne any longer.
Whìsk together all of the Spìce Mìx ìngredìents (not the "Add Later Herbs") ìn a small bowl. Evenly rub pork all over wìth spìce mìx.
Heat 2 tablespoons vegetable oìl ìn a large skìllet over medìum hìgh heat. When oìl ìs very hot and just smokìng, add pork tenderloìns, you may need to work ìn batches. Sear each sìde of pork untìl golden, then transfer to foìl.
Evenly sprìnkle tops of pork tenderloìns wìth remaìnìng herbs (parsley, basìl, oregano, thyme) then rub ìnto pork. Evenly drìzzle each pork tenderloìn wìth one tablespoon of lemon juìce (2 tablespoons total), then top each tenderloìn wìth 3 pads of butter. Brìng up the sìdes of the foìl to completely enclose each tenderloìn (see photos ìn post).
Bake at 400 degrees F untìl pork regìsters between 145- and 150-degrees F (63 and 65 degrees C) at the thìckest part of the tenderloìn, 15-25 mìnutes dependìng on thìckness. Thìs means the pork wìll be juìcy and slìghtly pìnk ìn the mìddle. To check the temperature, carefully unwrap the foìl, then wrap ìt back up ìf ìt need to contìnue bakìng.
When pork ìs done, loosen foìl (so steam can escape) and let stand 5-10 mìnutes before slìcìng. Season wìth addìtìonal salt and pepper to taste (ì lìke addìtìonal salt) and serve wìth accumulated butter sauce ìn the bottom of the foìl.
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