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!
Italian Beef and Rice Skillet
This hearty Italian Beef and Rice Skillet is made in less than 30 minutes and perfect for your busy weeknight!
My family LOVED this Italian Beef and Rice Skillet! I basically took the same idea as my Mexican Beef and Rice Skillet and switched up the flavor profiles for another unique and delicious dinner.
I wasn’t necessarily going for an “Italian” flavor profile when I set out to switch up this dish, but when I started playing around with different liquids and veggies to add, it all just fell into place.
One of my favorite things about this dish is that I pretty much have all these ingredients on hand at any time.
I always keep ground beef in the freezer as well as a frozen veggie mix. We always have canned tomatoes and beef broth (you could use beef bouillon and water in place of the broth), and of course always have rice on hand too. So really, this is an easy dinner that I can whip up when I am in a pinch and need a quick dinner that I know my kids will love.
This hearty and cheesy Italian Beef and Rice Skillet is ready in less than 30 minutes for an easy weeknight dinner the whole family will love!
Ingredients
- 1/2 onion, diced
- 1 lb. ground beef
- 1 (14.5 oz) can Italian diced tomatoes
- 1 1/2 cups frozen mixed veggies (peas and carrots)
- 3/4 cup uncooked white rice
- 2 cups beef broth
- 1 tsp dried oregano
- 1 tsp garlic salt
- 1/2 tsp dried basil
- 1/2 tsp pepper
- 1 1/2 cups shredded mozzarella cheese
Instructions
- Brown the ground beef and onion in a large skillet until no longer pink, drain any excess fat.
- Return skillet to stove top and add in the tomatoes, mixed veggies, rice, beef broth, oregano, garlic salt, basil and pepper. Stir until combined and bring to a light boil. Reduce heat to a simmer, cover and let cook until rice is tender (about 17 minutes).
- Fluff rice with fork and top with the mozzarella cheese. Cover with the lid for about 3 minutes to let cheese melt. Sprinkle with parsley if desired. Enjoy!
Notes
You can substitute 1 cup of small pasta (shells, macaroni, etc) for the rice if desired.
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