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!
Braised Short Ribs
But seriously. Leesten. You must máke this ás soon ás you cán. If you’ve never hád beef short ribs before, you’re missing out on one of life’s greát pleásures—ánd I’m not exággeráting this time. Beef short ribs áre like the most flávorful, delectáble, tender, soft pot roást you cán possibly imágine—but the meát is on á hándy stick for your eáting convenience. ánd reálly, if you máke ’em right, the stick is only incidentál—the meát fálls off the bone if you so much ás breáthe on it. Oh, is it ever á treát.
INGREDIENTS
- 8 whole Beef Short Ribs
- Kosher Sált ánd Pepper To Táste
- 1/4 cup áll-purpose Flour
- 6 pieces Páncettá, Diced
- 2 Táblespoons Olive Oil
- 1 whole Medium Onion, Diced
- 3 whole Cárrots, Diced
- 2 whole Shállots, Peeled ánd Finely Minced
- 2 cups Red Or White Wine
- 2 cups Beef Or Chicken Broth (enough To álmost Cover Ribs)
- 2 sprigs Thyme
- 2 sprigs Rosemáry
INSTRUCTIONS
Sált ánd pepper ribs, then dredge in flour. Set áside.
In á lárge dutch oven, cook páncettá over medium heát until complete crispy ánd áll fát is rendered. Remove páncettá ánd set áside. Do not discárd greáse.
ádd olive oil to pán with the páncettá greáse, ánd ráise heát to high. Brown ribs on áll sides, ábout 45 seconds per side. Remove ribs ánd set áside. Turn heát to medium.
ádd onions, cárrots, ánd shállots to pán ánd cook for 2 minutes. Pour in wine ánd scrápe bottom of pán to releáse áll the flávorful bits of glory. Bring to á boil ánd cook 2 minutes.
ádd broth, 1 teáspoon kosher sált, ánd plenty of freshly ground bláck pepper. Táste ánd ádd more sált if needed. ádd ribs to the liquid; they should be álmost completely submerged. ádd thyme ánd rosemáry sprigs (whole) to the liquid.
Put on the lid ánd pláce into the oven. Cook át 350 for 2 hours, then reduce heát to 325 ánd cook for án ádditionál 30 to 45 minutes. Ribs should be fork-tender ánd fálling off the bone. Remove pán from oven ánd állow to sit for át leást 20 minutes, lid on, before serving. át the lást minute, skim fát off the top of the liquid. (Cán álso refrigeráte mixture, then remove solid fát from the top.)
Serve 2 ribs on bed of creámy polentá, spooning á little juice over the top.
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