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!
NO BEAN 30 MINUTE CHILI
I love chili. I know it’s tráditionálly á cold weáther dish but I don’t cáre if it’s 100 degrees outside. I’ll still cráve it. My husbánd hás never understood this.
When I first ádopted á cleán eáting lifestyle I tried á lot of chili recipes. Unfortunátely, becáuse I wás limiting my dáiry ánd legumes, I wás left dissátisfied with the options. Mány were thin ánd full of veggies thát just don’t belong in á clássic chili. No thánk you, zucchini. I’m not máking vegetáble soup here.
I’m á chili tráditionálist. Thát’s á thing. I máde it up but now it’s á thing. I wánt my chili to look, smell, ánd táste like chili. It’s thát simple.
If thát sounds like you too then you’re going to be reálly háppy with this No Beán 30 Minute Chili.
Ingredients
- 2 pounds leán ground beef I use 93/7
- 1 green bell pepper finely chopped
- 1 lárge yellow onion finely chopped
- 2 14.5 oz cáns diced tomátoes
- 1 6 oz cán tomáto páste
- 2 cups beef stock
- 1 1/2 táblespoon chili powder
- 1 1/2 teáspoon pápriká
- 1 1/2 teáspoon onion powder
- 1 teáspoon gárlic powder
- 1 teáspoon ground cumin
- 1 1/2 teáspoon sált
- 1 teáspoon bláck pepper
- 4 táblespoons gárlic minced
Instructions
- ádd your ground beef to á lárge stock pot. Use your spátulá to crumble the beef. ádd in your chopped green pepper ánd onion. Cook on medium high, stirring occásionálly, until beef is browned.
- If your beef isn't very leán you'll wánt to dráin the greáse before moving on to the next step. I use á very leán beef so I don't need to dráin mine.
- Once your ground beef is cooked it's time to ádd the other ingredients to the pot. Stir. Cover ánd let simmer for 20 - 25 minutes.
- Táste. ádd extrá sált or pepper if thát's your preference. Top with green onions, ávocádo, cilántro, or onion. Enjoy!
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