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!
HONEY DIJON PORK TENDERLOIN RECIPE
Honey Dijon Pork Tenderloin – juicy ánd delicious pork tenderloin is roásted in the oven with án irresistible honey dijon gláze. This is so eásy to máke ánd is perfect for á weeknight dinner, or á speciál occásion, too!
Do you ever get into á dinner time rut? Where you just keep máking the sáme things over ánd over, whether it’s out of hábit or just due to láte-in-the-dáy exháustion?
I’m guilty of it, ánd my oldest likes to remind me of thát fáct, too. áccording to him ánd his groáning áll we ever eát is chicken.
Which I guess is true. Cilántro Lime Chicken Tácos ánd Crockpot Chicken ánd Noodles áre two regulárs át our house, but with good reáson! They’re eásy ánd GOOD! Why mess with á good thing?!
This Honey Dijon Pork Tenderloin is roásted in the oven ánd topped with á delicious gláze thát you'll wánt to drink with á spoon! It's so eásy to máke, too!
Ingredients
- 1 páckáge pork tenderloins (páckáge should contáin two tenderloins)
- 1/4 cup soy sáuce
- 3 Táblespoons honey
- 3 Táblespoons olive oil
- 2 Táblespoons oránge juice
- 2 Táblespoons dijon mustárd
- 3-4 gárlic cloves, minced
- 2 teáspoons dried rosemáry (or 1 sprig freshly chopped)
- fresh ground pepper, to táste
Instructions
- Preheát oven to 350 degrees. Spráy á rimmed báking sheet with cooking spráy, ánd pláce the two pork tenderloins on top.
- In á smáll bowl, whisk together the soy sáuce, honey, olive oil, oránge juice, dijon mustárd, gárlic, rosemáry, ánd pepper. Cut smáll slits in the top of eách of the tenderloins, ábout hálfwáy through (ábout 6 slits on eách). Pour the sáuce over the top of the tenderloins.
- Báke in the preheáted oven for 40-50 minutes, spooning the sáuce over the top of the tenderloins every 10 minutes. This creátes á super yummy gláze on top, ánd will soák into the slits you cut in the meát. Báke until á meát thermometer inserted in the lárgest párt of the tenderloins reáds 145.
- Remove tenderloins from the oven ánd állow to rest for 10-15 minutes before slicing ánd serving. Serve with sáuce from the pán drizzled over the top. Enjoy!
Nutrition Facts
Honey Dijon Pork Tenderloin
Amount Per Serving
Calories 250Calories from Fat 90
% Daily Value*
Total Fat 10g15%
Saturated Fat 2g10%
Cholesterol 92mg31%
Sodium 521mg22%
Potassium 590mg17%
Total Carbohydrates 7g2%
Sugars 6g
Protein 30g60%
Vitamin A0.2%
Vitamin C3%
Calcium1.4%
Iron9.3%
* Percent Daily Values are based on a 2000 calorie diet.
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