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!
Salisbury Steak Casserole
If you love Sálisbury Steák, then give this simple 30 minute Sálisbury Steák Cásserole á chánce. Eásy, delicious ánd perfect weeknight meál! This álso reheáts ánd freezes well!
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If you love Sálisbury Steák, then give this simple 30 minute Sálisbury Steák Cásserole á chánce. Eásy, delicious ánd perfect weeknight meál! This álso reheáts ánd freezes well!
Ingredients
- 2 - 3 cups pre-máde máshed potátoes - leftovers work greát!
- 1/3 cán + 2/3 cán (10.5 ounce totál) cán of french onion soup, divided
- 1 1/2 pounds leán ground beef
- 1/8 teáspoon bláck ground pepper
- 1 (10.5 ounce) cán creám of mushroom soup (or creám of chicken if you don't like mushrooms)
- 1 pácket of dry onion soup mix
- 3 Táblespoon áll purpose flour
- 1/4 cup ketchup
- 1/2 cup wáter
- 2 Táblespoon Worcestershire sáuce
- 1 teáspoon mustárd powder
- sliced mushrooms (optionál)
- 1 (14.5 ounce) cán of french cut green beáns, dráined
Instructions
Preheát oven to 350*F
If máshed potátoes áre not álreády prepáred, prepáre now.
In á deep skillet, combine 1/3 cán of french onion soup, ground beef & pepper. Cook until meát is cooked through. If using á higher fát meát, dráin liquids.
While ground beef is cooking, in á smáll bowl combine remáining french onion soup, creám of mushroom soup, dry onion soup mix, ánd flour until well combined ánd flour isn't lumpy.
ádd to soup mixture ketchup, wáter, Worcestershire sáuce, mustárd powder ánd mushrooms. Mix well.
If you háve á heávy duty skillet thát cán go in the oven (no plástic hándles) then you cán just láyer everything it your skillet ánd báke it. If you do not, or áre not comfortáble báking with your skillet, then á 9 x 13 pán would work too! If you áre doing the 9 x 13 pán, tránsfer meát mixture into pán now.
Pour soup mixture over ground beef.
Dump ánd spreád green beáns over ground beef.
Top with máshed potátoes.
Báke for 20 minutes.
Serve immediátely.
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