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!
Garlic Butter Steak and Lemon Green Beans Skillet
Garlic Butter Steak and Lemon Green Beans Skillet – So addicting! The flavor combination of this quick and easy one-pan dinner is spot on! Steak and green beans are cooked in one skillet and coated with the most amazing savory and tangy sauce. A perfect weeknight dinner, on the table in 25 minutes. What’s not to love about that?
INGREDIENTS LIST FOR THE GARLIC BUTTER STEAK AND LEMON GREEN BEANS SKILLET
- 1 lb (450g) flank steak, sliced against the grain
- 1 lb (450g) fresh stringless green beans, trimmed
- 3 tablespoons butter, divided
- 5 garlic cloves, minced
- 1 teaspoon Italian seasoning
- Juice of 1/2 lemon + lemon slices, for garnish
- Salt and fresh cracked pepper
- 1/2 cup (125ml) beef stock
- Crushed red chili pepper flakes, optional
- 1/2 cup fresh chopped parsley
- 1 tablespoon fresh thyme leaves
The marinade
- 1/4 cup soy sauce
- 1 tablespoon olive oil
- 1 tablespoon hot sauce (we used Sriracha)
- Fresh cracked pepper
DIRECTIONS
1. In a large bowl, combine the steak strips with soy sauce, olive oil, pepper, and hot sauce. Set aside to marinate for 10 minutes while you prepare green beans.
2. While meat is marinating, arrange green beans in a microwave-safe dish with 1/2 cup (125ml) water. Cook in the microwave for 8-10 minutes, until almost done but still crisp.
3. Melt 2 tablespoons butter in a large skillet over medium-high heat. Lay the steak strips in one layer in the skillet, keeping drained marinade for later. Sear on for 1 minute on one side, until nicely browned. Add half the garlic and red chili pepper flakes and turn steak strips to finish cooking for one minute more – adjust timing depending on how you like your steak. Transfer steak strips to a plate and set aside.
4. In the same skillet, lower the heat and melt the remaining tablespoon butter. Add chopped parsley, thyme, remaining garlic, Italian seasoning, red crushed chili pepper flakes and pre-cooked green beans and cook for 4 to 5 minutes, stirring regularly, until cooked to your liking. Deglaze with lemon juice, beef stock, and reserved steak marinade and reduce the sauce for a couple of minutes.
5. Add steak strips back to the pan and reheat quickly. Adjust seasoning with pepper and serve immediately, garnished with more crushed chili pepper, fresh herbs, and a slice of lemon if you like. Enjoy!
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