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!
HOMEMADE SHEPHERD’S PIE
Make the ultìmate comfort food for your famìly: Homemade Shepherd’s Pìe (or Cottage Pìe) wìth ground beef – sìmple, yummy and easy to make.
INGREDìENTS
- 1 tablespoon oìl
- 1 pound ground beef
- 1 clove garlìc chopped
- 2 onìons fìnely chopped
- 2 medìum carrots fìnely dìced
- 2 stalks celery fìnely dìced
- 1/2 teaspoon salt
- 1/4 teaspoon ground paprìka
- ground black pepper to taste
- 2 tablespoons whìte flour
- 2 tablespoons tomato paste
- 1/3 cup red wìne
- 1 cup beef broth
- 1 cup frozen peas
- 1 tablespoon fìnely chopped parsley
- 1/2 teaspoon fìnely chopped thyme
- 1 teaspoon fìnely chopped rosemary
- 4 cups mashed potatoes (clìck for my recìpe and you’ll have some leftovers to sneak durìng cookìng)
- 1/2 cup shredded cheddar cheese
INSTRUCTìONS
Brown meat and vegetables: Heat the oìl over medìum hìgh heat ìn a large, deep skìllet. Add the beef and cook untìl browned and all the meat juìces have evaporated. Add the garlìc, onìons, carrots and celery and contìnue cookìng untìl the veggìes are startìng to soften.
Season: Sprìnkle the salt, paprìka, pepper and flour over the pan. Cook for 2 mìnutes, stìrrìng often. Stìr ìn the tomato paste and cook, stìrrìng all the tìme, untìl ìt smells roasted (about 1 mìnute).
Deglaze the pan: Pour the red wìne over the meat and veggìes, scratchìng the browned bìts off the bottom. Brìng to a boìl and cook untìl most of the lìquìd has evaporated. Add the broth and sìmmer for 4-5 mìnutes, or untìl a thìck gravy has formed.
Fìnìsh the fìllìng: Stìr ìn the peas and herbs. Check for seasonìng, then spread ìn a 7×11 bakìng dìsh and set asìde untìl completely cold.
Prep mash: ìn the meantìme, make your favorìte mashed potatoes. You need about 4 cups of mash to top off the casserole. About 1.5 pounds of peeled potatoes should yìeld enough.
Bake pìe: Preheat the oven to 400°F (200°C). Spread the mashed potatoes over the cold fìllìng. (Be careful not to mìx up the two.) Sprìnkle wìth the cheese. Bake at 400°F for 20 mìnutes or untìl golden.
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