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!
SALISBURY STEAK WITH ONION GRAVY
This classic American salisbury steak from scratch is seared and simmered in a rich brown luscious onion gravy. Mouth watering, tender, salisbury steak is so delicious and easy to make. Salisbury steak with gravy will become you favorite weeknight ultimate comfort food!
Salisbury steak isn’t a steak it’s basically a fancy hamburger traditionally served with mashed potatoes. When I was a kid. I didn’t think salisbury steak was fancy at all. I cringed at my plate of ugly dark brown food.
INGREDIENTS:
For the salisbury steak:
- 1 1/2 lb ground beef
- 1/2 cup bread crumbs
- 2 eggs
- 1 1/4 tsp garlic powder
- 3 onions (1 onion diced the other two sliced thin)
- 1 tbsp Worcestershire sauce
- salt for taste (I used 1 1/4 tsp)
- pepper for taste (I used 1 tsp)
- Pinch of celery salt
- small handful of chopped parsley
Beef gravy
- 2 cups beef broth (I use Better Than Bouillon Roasted Beef Base)
- 3 tbs flour
- 1 tsp heavy whipping cream (optional)
- 1/4 cup unsalted butter
- Salt for taste
- Pepper for taste
Intructions:
To make Salisbury Steak and onion gravy
- Separate the diced and sliced onions. They will be cooked separately. Add all the salisbury steak ingredients except the onions to a large bowl (Separate the diced onions and the sliced onions and place to the side for later) and mix until combined but do not over mix. Form 6 beef patties.
- In a large skillet over medium high heat, add 1 tbsp of butter once sizzling add the onions. Cook the diced onions until softened about 3 minutes. Remove onions and set to the side to cool for a little bit. Add more butter if needed. Add the sliced onions and cook until softened. Add the diced cooked cooled onions to the beef mixture and combine gently. Do not overwork the beef. Add another tbsp of butter. Once the skillet is nice and hot add the beef patties. Sear each side until browned. Remove and set aside. Leave about 1 tablespoon of the hamburger fat in the skillet.
- Add the 1/4 cup of butter and once the butter has melted add the beef broth and 1 the tablespoon hamburger fat if you like. Cook until boiling then add flour 1 tbsp at a time stirring frequently to prevent lumps. Add the heavy whipping cream and mix well. Simmer then add the beef patties and onions. Simmer for 10-12 minutes. You can cover it if you like but don’t cover the skillet for too long because we don’t want dried out patties. Add salt and pepper to the gravy for taste and a small handful of chopped parsley. Serve with string beans and mashed potatoes. So delicious! Enjoy!
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