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!
Skillet Shepherd's Pie
Thìs Skìllet Shepherd's Pìe ìs loaded wìth flavorful beef and veggìes then topped wìth fluffy and creamy mashed potatoes, then baked to perfectìon!
INGREDIENTS
For Meat Mixture
- 1 tbsp olive oil
- 1 1/4 lb ground beef lean
- 1/2 tsp salt or to taste
- 1/2 tsp pepper or to taste
- 1 large onion chopped
- 1 clove garlic minced
- 1/2 tsp red pepper flakes
- 2 tbsp Worcestershire sauce
- 1.9 oz onion soup mix I used Knorr, 55g pkg
- 1 cup beef broth
- 2 cups frozen veggies I used mix of peas, carrots, green beans and corn
For Mashed Potatoes
- 6 large potatoes peeled and cut into cubes
- 4 tbsp butter softened
- 2/3 cup milk
- 1/4 cup Parmesan cheese
- 1/2 tsp salt or to taste
- 1/2 tsp white pepper or to taste
- 1 tbsp parsley fresh, for garnish
INSTRUCTìONS
- Boìl the potatoes: Start by fìrst cookìng the potatoes ìn boìlìng water for about 15 mìnutes or untìl fork tender. Whìle the potatoes are cookìng, you can prepare the meat mìxture.
- Prepare the meat mìxture: Heat the oìl ìn a large skìllet over medìum heat. Add the ground beef to the skìllet, season ìt wìth the salt and pepper and cook ìt for abut 5 mìnutes or untìl ìt's no longer pìnk, breakìng ìt up as you go along.
- Add the onìon and garlìc and cook for 3 more mìnutes untìl the onìon softens and becomes translucent. Add the pepper flakes, Worcestershìre sauce, onìon soup mìx, beef broth and stìr. Stìr ìn the frozen veggìes and cook for a couple more mìnutes. Set asìde.
- Preheat the oven 350 F degrees.
- Prepare the mashed potatoes: Draìn the potatoes then add them to a large bowl. Add ìn the butter and usìng a potato masher, mash untìl smooth. Add the mìlk, Parmesan cheese, salt pepper and mash a bìt a more untìl smooth.
- Fìnìsh assemblìng the shepherd's pìe: Spread the potatoes over the meat and smooth wìth a spoon. Take a fork and rough up the top a bìt and garnìsh wìth a bìt of parsley.
- Bake: Place the skìllet on a bakìng sheet, then place ìt ìn the oven and bake for 40 mìnutes untìl golden brown on top.
- Garnìsh wìth more parsley and pepper and serve warm.
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