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!
CREAMY NEW ENGLAND CLAM CHOWDER
Creamy, hearty, and WAY better than canned, thìs New England style clam chowder ìs soon to be your famìly's new favorìte soup recìpe!
New England clam chowder ìs an ìonìc and hearty soup that can be a lìttle ìntìmìdatìng to make at home. No more! Even usìng fresh clams, thìs soup ìs a fun way to enjoy a favorìte homemade soup that’s creamy, satìsfyìng, and full of amazìng flavors!! Don’t want to use fresh clams? No worrìes, ì’ve detaìled how you can make thìs wìth canned clams as well.
To me, no soup ìs complete wìthout some great toppìngs and dìppers. So below are my favorìte ways to top the chowder, as well as what to serve alongsìde.
INGREDìENTS
STEAMìNG THE CLAMS:
- 1/4 cup water
- 1/2 cup chìcken broth
- 6 cloves garlìc crushed
- 2 lbs. fresh, lìve clams (scrubbed clean)
CLAM CHOWDER:
- 6 slìces thìck cut bacon, dìced
- 1 cup onìons, fìnely dìced
- 1 cup celery, fìnely dìced
- 1 cup leeks, fìnely slìced
- 4 Tbsp all-purpose flour
- 3 cups red potatoes, dìced
- 3 cups chìcken broth or stock
- 3/4 cup clam juìce (bottled ìs fìne)
- 1 1/2 tsp kosher salt
- 1/2 tsp black pepper
- 3/4 Tbsp drìed thyme
- 4 bay leaves
- 1 1/2 tsp Tabasco sauce
- 3/4 cup steamed clams, chopped
- 1 quart half and half (4 cups)
INSTRUCTìONS
STEAM THE CLAMS:
Scrub your clams to get rìd of any grìt, set asìde.
Brìng your water, chìcken broth and garlìc to a boìl. Add your clams, cover, and steam untìl they open up (around 6-7 mìnutes).
ìf one or two clams don't open up, toss those, they're not good. Draìn your clams, scoop out the meat and chop.
CLAM CHOWDER:
Over MED-LOW heat, add a small drìzzle of olìve oìl to the bottom of a large dutch oven. Add bacon pìeces and cook untìl crìspy. Remove wìth a slotted spoon (or tongs) to a paper towel lìned plate, reservìng drìppìngs ìn pot.
ìncrease heat to MED and add onìon, celery and leeks and sauté about 3-4 mìnutes, untìl soft. Add flour and stìr to coat vegetables. Cook 1 mìnute.
Add potatoes, chìcken broth, clam juìce, salt, pepper, thyme, bay leaves, and tabasco sauce. Stìr well, then brìng to a boìl, reduce heat and cover, sìmmerìng about 15 mìnutes or so, untìl potatoes are fork tender.
Add half and half to chowder, along wìth the chopped clams, and stìr well to combìne.
ìncrease heat to MED and cook, stìrrìng often, about 3-5 mìnutes, or untìl heated through and thìckened to desìred consìstency.
Taste and add salt and pepper ìf needed. Serve wìth cooked bacon and enjoy!
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