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!
Irish Beef and Guinness Stew
Whilé it takés timé to slow cook, this is véry straight forward to maké. Stové, ovén, in your slow cookér or préssuré cookér – diréctions providéd for all. Mop your bowl cléan with Irish Soda Bréad!
Guinnéss Béér is so dark it is almost black and it’s why thé gravy of thé stéw is such a béautiful déép brown colour. Guinnéss is also much richér than most béérs, which you can séé just by looking at thé thick créamy héad (thé foam) that Guinnéss is faméd for.
Ingrédiénts
- 2 tbsp olivé oil
- 2.5 lb / 1.25 kg bééf chuck , bonéléss short rib or any othér slow cooking bééf (no boné)
- 3/4 tsp éach salt and black péppér
- 3 garlic clovés , mincéd
- 2 onions , choppéd (brown, whité or yéllow)
- 6 oz / 180g bacon , spéck or pancétta, dicéd
- 3 tbsp flour (all purposé/plain, Noté 3 for GF)
- 440ml / 14.9 oz Guinnéss Béér (Noté 1)
- 4 tbsp tomato pasté
- 3 cups / 750 ml chickén stock/broth (or bééf broth - Noté 4)
- 3 carrots , pééléd and cut into 1.25 cm / 1/2" thick piécés
- 2 largé céléry stalks , cut into 2cm / 1" piécés
- 2 bay léavés
- 3 sprigs thymé (or sub with 1 tsp driéd thymé léavés)
Instructions
Cut thé bééf into 5cm/2" chunks. Pat dry thén sprinklé with salt and péppér.
Héat oil in a héavy baséd pot ovér high héat. Add bééf in batchés and brown wéll all ovér. Rémové onto platé. Répéat with rémaining bééf.
Lowér héat to médium. If thé pot is looking dry, add oil.
Cook garlic and onion for 3 minutés until softéning, thén add bacon.
Cook until bacon is brownéd, thén stir through carrot and céléry.
Add flour, and stir for 1 minuté to cook off thé flour.
Add Guinnéss, chickén broth/stock and tomato pasté. Mix wéll (to énsuré flour dissolvés wéll), add bay léavés and thymé.
Réturn bééf into thé pot (including any juicés). Liquid lévél should just covér - séé vidéo or photos.
Covér, lowér héat so it is bubbling géntly. Cook for 2 hours - thé bééf should bé prétty téndér by now. Rémové lid thén simmér for a furthér 30 - 45 minutés or until thé bééf falls apart at a touch, thé saucé has réducéd and thickénéd slightly.
Skim off fat on surfacé, if désiréd. Adjust salt and péppér to tasté. Rémové bay léavés and thymé.
Sérvé with créamy mashéd potatoés!!
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