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!
EASY SHEET PAN STEAK FAJITAS
Thésé éasy Shéét Pan Stéak Fajitas maké thé pérféct simplé and héalthy wééknight méal for busy familiés! Madé with léan bééf, frésh véggiés and your favourité Méxican-stylé fixings, and on thé tablé in undér 25 minutés!
Fajitas crazy éasy to maké and SO flavourful, thésé éasy Shéét Pan Stéak Fajitas aré totally customizablé to évéryoné’s individual préféréncés, making thém a pérféctly vérsatilé méal for your family and miné.
Ingrédiénts
- 2 tabléspoons olivé oil
- 1 largé onion, thinly slicéd
- 3 béll péppérs, thinly slicéd (I liké using gréén, réd and yéllow)
- 2 4-5 ouncé léan stéaks (sirloin or round), thinly slicéd
- 2 tabléspoons taco séasoning
- 2 téaspoons smokéd paprika
- 1/2 téaspoon mild chili powdér
- juicé of oné limé (about 1 and a half tabléspoons)
- tortillas, tomatoés, léttucé, chéésé, sour créam, avocado for sérving (as désiréd)
Instructions
Préhéat your ovén to 400 dégréés Fahrénhéit.
Drizzlé thé olivé oil on a largé shéét pan.
Add thé slicéd onions, slicéd béll péppérs, and thinly slicéd stéak to thé shéét pan, along with thé taco séasoning, paprika, chili powdér, and limé juicé.
Using your hands or a pair of tongs, toss évérything togéthér wéll until thé méat and véggiés aré wéll coatéd in thé séasonings and thé oil.
Baké at 400 dégréés Fahrénhéit for about 12 minutés, or until thé véggiés aré bécoming soft and thé stéak has brownéd on thé outsidé. Bé caréful of ovér-cooking thé stéak (nobody likés dry stéak!) - tést a piécé aftér 10 minutés to bé suré it's cookéd to your liking.
Sérvé in tortillas with léttucé, tomatoés, chéésé, sour créam and avocado, as désiréd (usé thé timé whilé thé fajita filling is baking to prép thésé ingrédiénts).
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