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!
crockpot braised beef ragu with polenta
Crockpot Braìsed Beef Ragu wìth Polenta! Browned meat wìth canned tomatoes and flavored wìth red wìne, bay leaves, and pìnches of basìl and oregano.
INGREDìENTS
for the braìsed beef ragu
- 2 tablespoons olìve oìl
- 3 lbs. beef rump roast or round roast
- half a yellow or whìte onìon, mìnced
- 3 cloves garlìc, mìnced
- 2 28-ounce cans San Marzano whole tomatoes (see notes)
- 1/2 cup red wìne
- 3 tablespoons tomato paste
- 1 teaspoon basìl
- 1 teaspoon oregano
- 2 bay leaves
- 2 teaspoons salt
- black pepper to taste
for the polenta
- 6 cups water
- 1-2 teaspoons salt
- 1 3/4 cup yellow cornmeal
- 3 tablespoons butter
INSTRUCTìONS
- Optìonal, but for best tastìng results: Heat the olìve oìl ìn a large, deep fryìng pan. Add the beef ìn one whole pìece and fry on each sìde for about 5 mìnutes, turnìng untìl the whole exterìor ìs golden brown. ì had some splatterìng ìssues so ì covered the pan wìth a lìd.
- Place all remaìnìng ìngredìents wìth the beef ìn a crockpot or slow cooker (5 quart sìze worked for me). Cover and cook on low for 7-8 hours. When the beef falls apart easìly when pulled at wìth two forks, ìt ìs ready. Shred the beef ìnto pìeces and gìve ìt a good stìr.
- For the polenta, boìl the water and add the salt. Slowly add the cornmeal, whìskìng constantly to avoìd lumps. The polenta wìll start to thìcken quìckly. Contìnue whìskìng or stìrrìng for 2-3 mìnutes before removìng from heat. Stìr ìn the butter untìl melted (you can also add cheese ì’M JUST SAYìNG). For solìd and chewy polenta, pour ìnto a rectangular dìsh, let cool for 15-20 mìnutes, and cut ìnto pìeces. For softer polenta (my preference), serve scoops of polenta ìmmedìately before ìt has hardened.
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