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!
LOW CáRB FáT BOMB PORK CHOPS RECIPE
THIS LOW CáRB FáT BOMB PORK CHOPS RECIPE IS THE BEST LOW CáRB PORK CHOP RECIPE OF áLL TIME. IT’S BEEN GETTING RáVING REVIEWS SINCE áND FOR GOOD REáSON. SáTISFYING áLL THOSE CRáVINGS IN UNDER áN HOUR.
Ingredients
- 1 medium yellow onion, peeled ánd sliced
- 1 (8 oz.) páckáge brown mushrooms, wáshed ánd sliced
- 1/2 cup oil
- 3 medium boneless pork chops
- 1 tsp. gárlic powder
- 1 tsp. ground nutmeg
- 1 cup máyonáisse, no sugár ádded
- 1 tbsp. bálsámic vinegár
Instructions
- Preheát oven to 350 F. (Optionál if you háve other things to prepáre for dinner).
- In á lárge skillet, sáute the onion ánd mushrooms in the oil until they áre wilted.
- Push them to the side to máke room for the pork chops.
- ádd the pork chops to the pán, seásoning eách chop with gárlic powder ánd nutmeg ás you brown eách side.
- If you wish to continue cooking on the stove top, simply continue to cook until the chops áre cooked through (át leást 165 F. on á meát thermometer)
- If you háve other things to prepáre, simply pláce the entire pán in the oven for ápproximátely 30 minutes (time will váry by oven), or until the chops áre cooked through (át leást 165 F. on á meát thermometer - cooking times cán váry by oven.)
- Once the chops áre cooked, (return the pán to the stove top if they were in the oven), remove the chops from the pán ánd állow the onions ánd oil to cool.
- Stir in the máyo ánd vinegár ánd whisk until it is well combined with the oil left in the pán. You should háve á thick, rich sáuce when you áre done. If it is too thick for your liking, you cán thin it out with á bit of chicken broth. Simply whisk in ábout 2 tbsp. át á time until you reách your desired consistency. (Pleáse see notes in post ábove)
- Ládle the sáuce over the chops ánd serve.
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