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!
Steak Frites with Rosemary Flake Salt
Description
How does a flailing Los Angeles gastropub become remembered for more than just karaoke? With a recipe like steak frites! We took inspiration from episode 7 of Gordon Ramsay's 24 Hours to Hell and Back to create a head-turning recipe for this classic upscale comfort food. Top with a simple rosemary flake salt for the ultimate mic drop.
- /2 pound russet potatoes (sliced into fries)
- 4 tablespoons olive oil (divided)
- 1 teaspoon sea salt
- 1/2 teaspoon black pepper
- 1/4 teaspoon garlic powder
- 1 pound New York strip steak (2 inches thick)
- 2 tablespoons butter
- 1 tablespoon rosemary (chopped small, for the rosemary salt)
- 1 teaspoon flake salt (for the rosemary salt)
Directions
- Heat the oven to 450 degrees and line a baking sheet with parchment paper.
- Toss the fries with 2 tablespoons olive oil. Spread the fries onto the baking sheet and bake for 20 minutes or until crispy.
- Meanwhile in a small dish combine the salt, pepper and garlic powder. Then press the rub into all sides of the steak. Let the steak rest on the counter for 30 minutes.
- Heat the remaining 2 tablespoons olive oil in a skillet over high heat. Place the steak down and cook un-bothered for 3 minutes. Flip the steak and cook the other side unbothered for 3 minutes. Remove the steak from the pan, place it on a plate with the butter on top and let sit unbothered for 5 minutes.
- Slice the steak, plate it and spoon the drippings and melted butter from the plate on top. Then add on the frites and sprinkle generously with the rosemary salt.
- Salt Instructions: Combine the rosemary and salt in a small bowl and mix together with your hands, crushing the herbs be-tween your fingers to gently release the oils.
- Recipes Adapted By www.yummly.com
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