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!
SLOW COOKER BEEF TIPS AND GRAVY (NO CREAM SOUP!)
Slow Cooker Beef Tips and Gravy, also called Slow Cooker Beef Tips and Rice – but by whatever name you call it, I also love serving these Beef Tips for special occasions or holidays because they are so easy, make ahead and simple to double/triple or I’ve even 10X the recipe!
Slow Cooker Beef Tips and Gravy (with no “cream soup!” ) is is wonderfully tender, richly satisfying, comforting and flavorful and the perfect make ahead meal for busy weeknights! I also love serving these Beef Tips for special occasions or holidays because they are so easy, make ahead and simple to double/triple or I've even 10X the recipe!
INGREDIENTS
Beef Tips
- 1 tablespoon olive oil
- 1 1/2 pounds stew meat, beef chuck or sirloin cut into large bite size pieces
- 1 teaspoon salt
- 1/2 teaspoon pepper
- 1 onion, chopped
- 4-6 garlic cloves, minced
Gravy
- 1 tablespoon butter
- 1/2 cup all-purpose flour
- 4 cups low sodium beef broth
- 1 tablespoon low sodium soy sauce
- 1 teaspoon Dijon mustard
- 1 1/2 teaspoons beef bouillon
- 1 1/2 teaspoons sugar
- 1/2 tsp EACH dried parsley, paprika
- 1/4 tsp EACH dried oregano, dried thyme
INSTRUCTIONS
- While meat is still on the cutting board, toss it with 1 teaspoon salt and 1/2 teaspoon pepper. Heat 1 tablespoon olive oil in a large skillet over medium high heat. Add beef (work in 2 batches if needed) to the very hot skillet and let cook undisturbed for approximately 2 minutes, or until nicely seared on one side, then continue to cook while stirring until beef is browned all over but not cooked through. Remove beef to 6-quart (or larger) slow cooker and top with onions and garlic.
- To the remaining juices left in the skillet, melt 1 tablespoon butter. Whisk in the flour until dissolved followed by all of the Gravy ingredients. Bring to a boil then reduce to a simmer until thickened to the consistency of thick gravy. Add to slow cooker and stir to combine.
- Cook on HIGH for 3-4 hours or on LOW for 5-7 hours. Beef is ready when it is melt in your mouth tender. Season with additional salt and pepper to taste. Serve with potatoes, pasta or rice.
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