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!
Ranch Pork Chops and Potatoes Sheet Pan Dinner
Ranch Pork Chops and Potatoes Sheet Pan Dinner – get out your sheet pan to make this delicious and easy dinner with ranch pork chops and potatoes!
In this recipe I decided to use some ranch seasoning, mixed in with some paprika and oregano. You can find ranch seasoning sold either in small packets or in jars, and should be in the same aisle with the other seasonings in your grocery store. Just season your pork chops and potatoes with the same seasoning and you’ll end up with one super tasty dinner. I normally also serve this along with a nice fresh salad but that’s all there is to this.
Ranch Pork Chops and Potatoes Sheet Pan Dinner - get out your sheet pan to make this delicious and easy dinner with ranch pork chops and potatoes!
Ingredients
- 3 tbsp olive oil
- 1 oz ranch salad dressing and seasoning mix (1 oz package)
- 1 tsp smoked paprika
- 1 tbsp oregano dry
- 1 tsp ground black pepper
- 6 pork chops either boneless or bone-in will work
- 2 lb baby potatoes
- 1 tbsp fresh parsley chopped
Instructions
- Preheat your oven to 400 F degrees. Spray a baking sheet with cooking spray.
- Place potatoes and pork chops on the baking sheet and drizzle the olive oil over the pork chops and potatoes and toss well.
- In a small bowl mix together the ranch seasoning, smoked paprika, oregano and black pepper. Rub the seasoning over the pork chops and the potatoes. I didn't find the need for additional salt, but feel free to season with salt to taste.
- Place the baking sheet in the oven and roast for about 35 to 40 minutes or until the pork chops are cooked through and the potatoes are fork tender. The internal temperature of the chops should reach 145 degrees F (63 degrees C) when cooked. Also please note that all ovens are different, and some may take longer and some may require less time.
- Garnish with chopped parsley then serve immediately.
Recipe Notes
Although I used baby potatoes you can use regular potatoes cut into cubes. I prefer Yukon gold potatoes, but red skin potatoes work as well. Another option would be to use fingerling potatoes, but usually I don't find these often at the grocery store.
The pork chops used here were 1 inch in thickness.
The sheet pan used is 17.25 x 12.25 x1 inches.
Please keep in mind that nutritional information is a rough estimate and can vary greatly based on products used.
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