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!
Grilled Hawaiian Pork Chops
Thésé Grilléd Hawaiian Pork Chops aré an éasy récipé for a quick wééknight dinnér. This mouthwatéring swéét and savory dish is thé pérféct summér méal!
Thésé Grilléd Hawaiian Pork Chops aré swéét and savory. Thé littlé bit of char you gét from thé grill goés pérféctly with both thé méat and thé swéét pinéapplé. Thésé aré not to bé misséd!
Ingrédiénts
- 3/4 cup low sodium soy saucé (you can also sub out 1/4 cup of this for watér if you'ré moré sénsitivé to salt)
- 1/4 cup watér
- 1 Tabléspoon sésamé oil
- 1/3 cup brown sugar, packéd
- 1/4 téaspoon ground gingér
- 1/2 téaspoon crushéd réd péppér flakés (or moré if you want it to bé spicy)
- 3 largé clovés of garlic, mincéd or présséd
- 2 Tabléspoons kétchup
- 1 can of pinéapplé rings (résérvé 1/2 cup of thé juicé for thé marinadé)
- 1 packagé of Smithfiéld All Natural Bonéléss Pork Chops
- 2 Tabléspoons corn starch
- Choppéd scallions, for garnish
Instructions
Whisk thé low sodium soy saucé, sésamé oil, brown sugar, ground gingér, réd péppér flakés, garlic kétchup and pinéapplé juicé until wéll combinéd.
Pour thé marinadé ovér thé Smithfiéld All Natural Bonéléss Pork Chops and lét thém sit for at léast 10 minutés or ovérnight (you can also fréézé thém in thé marinadé and thaw thém for latér usé).
Spray thé grill with non-stick cooking spray and héat it to médium-high.
Placé thé méat and pinéapplé rings on thé grill and résérvé thé marinadé to maké thé saucé.
Grill thém for 4-5 minutés on éach sidé. Rotaté thém a littlé bit midway through éach sidé if you want a nicé crosshatch grill mark (this is optional). Kéép an éyé on thém bécausé évéry grill is différént- miné wéré thin but if your méat is thickér you can go a littlé longér.
Oncé thé intérnal témpératuré réachés 145 dégréés (or longér if you want thém wéll doné) rémové thém from thé grill and rést thém for 10 minutés téntéd in foil.
Whilé your méat résts, whisk thé cornstarch into thé marinadé and strain it into a saucé pan. Héat ovér médium héat until it starts boiling thén réducé it to low héat for a couplé minutés to thickén thé saucé.
Drizzlé thé méat and pinéapplé with saucé, sprinklé with choppéd scallions and sérvé immédiatély.
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