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!
Chorizo con Papas, or Mexican Chorizo with Potatoes
Chrorizo splitters and splatters when it is frying in the pan. Protect your cookbooks and your children. It cooks up quickly. That is why it is the perfect ingredient for fast and delicious meals. You might have heard of Chorizo con Huevos or Chorizo con Nopales, but this recipe is my favorite and a true Mexican classic. Chorizo con Papas is a full of bold flavors and very satisfying.
Some people make their own chorizo, but that goes back to the hours and hours in the kitchen… and we’re not going there. Do not confuse this with Spanish chorizo which is dried and cured in a casing. Mexican chorizo is raw. You gotta cook it. Just say no to Chorizo Tartare unless you want to go to the ER. Hardy har har.
I prefer to use pork chorizo. Some people like beef. It’s really up to you and your family’s taste. Also, you only need a few ingredients to make Chorizo con Papas. I use leftover “papas,” or potatoes, from breakfast. Avoid using mashed potatoes, french fries, and tater tots. 🙂 Add a little diced onion. A little chopped cilantro. Warm tortillas. And DONE! Dun. Dun. Dun. Hope you enjoy!
Chorizo con Papas (or Mexican Chorizo with Potatoes) is a true Mexican food classic. It's full of bold flavors and very satisfying. Enjoy!
Ingredients
- 1 tablespoon vegetable oil
- 10 ounces Mexican pork chorizo, casings removed
- 1 small onion, diced
- 1 pound potatoes, cut into small (1/4-inch) diced, and boiled
- Salt and Pepper
- Cilantro, chopped (optional)
Instructions
- Heat oil to large skillet.
- Add chorizo and break up the large clumps as it cooks. About 10 minutes.
- Take chorizo out of the pan and place on a large paper towel to remove some of the grease.
- Pour out any additional grease from the skillet, leaving about 1 tablespoon of grease.
- Return skillet to the stove.
- Add onion and potatoes.
- Saute until brown. About 10 minutes.
- Add chorizo to the pan.
- Combine well.
- Taste for salt and pepper.
- Add chopped cilantro.
- Serve with warm tortillas and enjoy!
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