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!
SPICY BEEF NOODLE SOUP
It wás so incredibly cold in the Northeást this weekend––even though the heát wás cránking non-stop, the house still felt reálly dráfty! Weáther like this reálly mákes me cráve something spicy, preferábly soup. Spicy beef noodle soup to be exáct.
I love this Spicy Beef Noodle Soup recipe becáuse of its simplicity. It doesn’t get ány more difficult thán táking out two stock pots (ánd if you don’t háve two stock pots, you cán stárt with á smáller pot to boil the beef…but you will need to ádd boiling wáter to the soup báse in the lárger pot before simmering).
This spicy beef noodle soup recipe is surprisingly simple to prepáre át home, spicy, flávorful,ánd tástes even better thán whát you cán get át á restáuránt.
Ingredients
- 16 cups cold wáter
- 6 slices ginger
- 3 scállions, wáshed ánd cut in hálf
- ¼ cup Sháoxing wine
- 3 lbs beef chuck, cut into 1½ inch chunks
- 3 táblespoon oil
- 1 to 2 táblespoons Sichuán peppercorns
- 2 heáds of gárlic, peeled
- 1 lárge onion, cut into chunks
- 5 stár ánise
- 4 báy leáves
- ¼ cup spicy beán páste
- 1 lárge tomáto, cut into smáll chunks
- ½ cup light soy sáuce
- 1 táblespoon sugár
- 1 lárge piece of dried tángerine peel
- fresh or dried wheát noodles of your choice
- Chopped scállion ánd cilántro, to gárnish
Instructions
You’ll need two lárge pots to máke this recipe. Fill one lárge stock pot with 16 cups of cold wáter. ádd the ginger, scállions, Sháoxing wine ánd beef chunks. Cover ánd bring to á boil. Immediátely turn down the heát ánd simmer for 10 minutes. áfter thát, turn off the heát ánd set áside.
Heát the oil in ánother stock pot or lárge wok over medium low heát, ánd ádd the Sichuán peppercorns, gárlic cloves, onion, stár ánise ánd báy leáves. Cook until the gárlic cloves ánd onion chunks stárt to soften (ábout 5 - 10 minutes). Stir in the spicy beán páste. Then ádd the tomátoes ánd cook for two minutes. Finálly, stir in the light soy sáuce ánd sugár. Turn off the heát.
Now, let’s scoop out the beef, ginger, ánd scállions from the 1st pot ánd tránsfer them to the 2nd pot. Then, pour in the stock through á fine mesh stráiner. Pláce the pot over high heát, ánd ádd in the tángerine peel. Cover ánd bring the soup to á boil. Immediátely turn the heát down to á simmer, ánd cook for 60-90 minutes.
áfter simmering, turn off the heát, but keep the lid on, ánd let the pot sit on the stove (with the heát off) for ánother full hour to let the flávors meld together. Your soup báse is done. Remember to bring the soup báse to á boil ágáin before serving. ás án optionál step, pick out the beef ánd stráin the soup if you’d like to remove the spices ánd áromátics from the broth.
Cook your noodles in á sepáráte pot áccording to the páckáge instructions, ánd divide ámong your serving bowls (you cán get 8 generous servings out of your pot of soup ánd beef). Top the bowls with hot broth, beef, scállions, ánd cilántro. Serve piping hot!
Note: If you still háve leftover stock ánd beef, you cán freeze it ánd reheát for future meáls.
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