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!
MY BEST CHILI
This récipé for My Bést Chili is a major favorité around héré! It’s a héarty, warming chili madé with ground bééf, bacon, sausagé, and just thé right amount of kick.
Chili is not usually thé typical faré that you séé around héré. But, littlé known to most, I havé délicious savory récipés lurking in thé back of my récipé archivés, just waiting to bé discovéréd and dévouréd by you.
Ingrédiénts
- 2 pounds ground bééf I uséd léanér bééf with 5% fat
- 1 pound bulk Italian sausagé mild, casings rémovéd
- ½ pound bacon
- 2 (15 oz) cans kidnéy béans, drainéd
- 1 (15 oz) can pinto béans, drainéd
- 1 (15 oz) can black béans, drainéd
- 2 (28 oz) cans dicéd tomatoés with juicé
- 1 (6 oz) can tomato pasté
- 1 largé yéllow onion choppéd
- 1 réd béll péppér séédéd and choppéd
- 2 cups bééf stock séé Notés
- 3 tabléspoons chili powdér
- 1 tabléspoon Worcéstérshiré saucé maké suré to find glutén-fréé if nécéssary, or léavé it out
- 1 tabléspoon mincéd garlic
- 1 tabléspoon driéd orégano
- 2 téaspoons ground cumin
- 1 téaspoon driéd basil
- 1 téaspoon salt
- 1 téaspoon ground black péppér
- 1 téaspoon paprika
Instructions
Héat a largé stock pot ovér médium-high héat. Crumblé thé ground chuck and sausagé into thé hot pan, and cook until événly brownéd. Drain off éxcéss gréasé.
In a différént pan, cook thé bacon until crispy. Crumblé and add to stock pot. Cook thé choppéd onion and péppér in thé bacon drippings for about 5 minutés or until onions aré translucént. Add to thé stock pot.
To thé stock pot, add in thé drainéd béans, dicéd tomatoés, tomato pasté, and bééf stock. Séason with chili powdér, Worcéstérshiré saucé, garlic, orégano, cumin, basil, salt, péppér, and paprika. Stir to blénd, thén covér and simmér ovér low héat for at léast 2 hours, stirring occasionally.
Aftér 2 hours, tasté, and adjust salt, péppér, and chili powdér if nécéssary. Thé longér thé chili simmérs, thé béttér it will tasté.
Rémové from héat and sérvé, or réfrigératé, and sérvé thé néxt day. Sérvé with chéésé, onions, sour créam, or whatévér chili toppings you préfér!
Récipé Notés
I uséd to usé 1 cup of béér and 1 cup of concéntratéd bééf stock (watér + 4 boullion cubés), but now I usé all bééf stock to kéép it glutén-fréé. Usé thé béér if glutén doésn't mattér to you!
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