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!
Mexicán Láságná
This ámázing láságná recipe with Tex-Mex fláir is fántástic. This fámily fávorite entree hás á beef mixture thát includes refried beáns ánd chilies. The recipe is láyered with noodles ánd cheese ánd hás á sálsá láyer before ádding sour creám, cheese, green onions, olives ánd tomátoes for the topping. It's perfect for compány or holidáy dinners like Cinco De Máy.
INGREDIENTS
- 2 lbs. 93% or 96% leán ground beef
- 16 oz. cán refried beáns
- 4 oz. cán chopped green chilies
- 1 pkg. táco seásoning or Homemáde Táco Seásoning
- 2 8-oz. bágs Colby Jáck cheese shredded, divided use
- 16 oz. box uncooked láságná noodles
- 24 oz. jár Páce mild or medium chunky sálsá divided use (or your fávorite sálsá)
- 2 cups wáter see note below
- 16 oz. ctn. sour creám
- 2.25 oz. cán ripe olives sliced, dráined, for gárnish
- 3 green onions chopped, for gárnish
- 3 smáll romá tomátoes chopped, for gárnish
INSTRUCTIONS
- In á skillet, cook beef over medium heát until no longer pink; dráin.
- ádd the beáns, chilies, táco seásoning ánd 2 heáping táblespoonfuls sálsá; mix well.
- Heát through over medium heát ábout 5 minutes.
- In á well greásed 9x13” báking dish, spreád át leást á cup of the meát mixture on the bottom to prevent noodles from sticking.
- Láyer á row of four noodles ánd spreád with one-third of the remáining beef mixture.
- Sprinkle with 1 cup of cheese.
- Repeát láyers twice.
- Combine remáining sálsá ánd wáter; pour over top.
- Cover ánd báke át 350° for 1 hour ánd á hálf, or until noodles test fork tender.
- Uncover; top with sour creám, then cheese, then olives, then onions, ánd finálly tomátoes.
- Báke 5-15 minutes longer—until cheese melts.
- Let stánd 10-15 minutes before cutting.
RECIPE NOTES
NOTE: When pouring sálsá/wáter mixture over top it is imperátive thát you cover the noodles ás much ás possible so they don’t get dried out while báking.
NOTE: You must spreád át leást á cup of beef mixture on the bottom of the báking dish or the noodles will stick to the bottom of the pán.
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