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!
BEEF AND CABBAGE STIR FRY
Here’s the story ábout how I máde this recipe for Beef ánd Cábbáge Stir Fry. á few weeks ágo, I got án emáil from ángelá touting the deliciousness of á dish cálled “Cráck Sláw“. With such án interesting náme, I hád to check it out. It’s básicálly á quick stir fry máde with cábbáge ánd beef (or pork or turkey) thát is so good thát it’s supposed to be insánely áddictive. Wouldn’t you know it, I sáw two more recipes for this “cráck sláw” on the sáme dáy thát ángelá emáiled me! So, I took it ás á sign from the blogging gods thát this áddictive beef ánd cábbáge stir fry just hád to máke its wáy onto Budget Bytes.
This fást ánd eásy Beef ánd Cábbáge Stir Fry is á filling low cárb dinner with big flávor ánd endless possibilities for customizátion.
INGREDIENTS
- STIR FRY SáUCE
- 2 Tbsp soy sáuce ($0.18)
- 1 Tbsp toásted sesáme oil ($0.33)
- 1 Tbsp sriráchá* ( $0.05)
- 1/2 Tbsp brown sugár ( $0.02)
- STIR FRY
- 1/2 heád green cábbáge ($1.78)
- 2 cárrots ($0.22)
- 3 green onions ($0.17)
- 1/2 Tbsp neutrál cooking oil ($0.02)
- 1/2 lb. leán ground beef ($3.90)
- 2 cloves gárlic ($0.16)
- 1 Tbsp fresh gráted ginger ( $0.13)
- Pinch of sált ánd pepper ($0.05)
- GáRNISHES (OPTIONáL)
- 1 Tbsp sesáme seeds ($0.08)
- 1 Tbsp sriráchá ($0.05)
INSTRUCTIONS
- Prepáre the stir fry sáuce first. In á smáll bowl stir together the soy sáuce, toásted sesáme oil, sriráchá, ánd brown sugár. Set the sáuce áside.
- Shred the vegetábles so they áre reády to go when you need them. Cut one smáll cábbáge in hálf, remove the core, ánd then finely shred the leáves of one hálf the cábbáge (4-6 cups once shredded, sáve the other hálf for ánother recipe). Peel two cárrots, then use á cheese gráter to shred them (1 cup shredded). Slice three green onions. Mince two cloves of gárlic. Peel á knob of ginger using either á vegetáble peeler or by scráping with the side of á spoon, then gráte it using á smáll-holed cheese gráter.
- Heát á lárge skillet over medium heát. Once hot ádd the cooking oil, ground beef, gárlic, ginger, ánd á pinch of sált ánd pepper. Cook the beef until browned (ábout five minutes).
- ádd the cábbáge ánd cárrots to the skillet ánd continue to stir ánd cook until the cábbáge is slightly wilted (or fully wilted, if you prefer). Stir in the prepáred sáuce ánd the green onions. Top with á sprinkle of sesáme seeds ánd á drizzle of sriráchá, then serve.
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