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!
CROCK POT COWBOY CASSEROLE
THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE READ MY DISCLOSURE FOR MORE INFORMATION.
There are many different ways to prepare this casserole and you can use your favorite ingredients in the recipe. This is the way my family likes this crock pot cowboy casserole and the way I make it. Some recipes call for a can of cream of mushroom soup or a creamed soup but I add the diced tomatoes with green chilies instead of the creamed soup to mine. The dish is delicious served with my recipe for Southern cornmeal hoecakes shown in the photo above. You can keep this casserole in the fridge for several days and it is good warmed over.
INGREDIENTS :
- 1 pound ground beef
- 1 cup chopped onion
- 1/2 cup chopped green, red or yellow sweet pepper
- 3 to 4 red potatoes, unpeeled and cut in bit-sized pieces
- 1 1/2 cups corn, frozen or fresh
- 1 (14.5 ounce) can kidney beans, drained
- 1 (10 ounce) can diced tomatoes with green chilies, do not drain
- 1 (14.5 ounce) can diced tomatoes, do not drain
- 1/2 teaspoon black pepper
- 1/2 teaspoon salt
- 2 teaspoons minced garlic
- 1/2 teaspoon chili powder
- 1 teaspoon Worcestershire sauce
- Pinch cayenne or few drops hot sauce
- 1/2 cup water or beef or chicken broth
- 1/2 to 1 cup shredded cheese (I use Taco blend but you can use whatever you like)
Instructions
- Brown ground beef, onions and peppers in a skillet on top of the stove, drain.
- Place the potatoes in the bottom of a 3 1/2 quart crock pot and sprinkle corn on top. Add the browned hamburger with onions and peppers on top of the corn along with the kidney beans.
- In a bowl combine both cans of diced tomatoes along with the 1/2 cup water or broth. Stir in the black pepper, salt, garlic, chili powder, Worcestershire sauce and cayenne or hot sauce. Mix well and pour over the contents of the crock pot.
- Cook on high for 4 hours or low for six hours or until potatoes are done. Once the casserole is finished cooking, sprinkle on shredded cheese, put the top on the crock pot and let it melt.
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