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!
THE BEST MEATLOAF RECIPE
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"Yasss" may be the only word you utter after your chomp down and savor the bursting flavors of this delicious classic, tender, and moist meatloaf.
Ingredients
Meatloaf
- 2 lb ground beef Don't use very lean ground beef
- 4 slices of fresh bread food processed
- 1/3 cup beef broth I used Better Than Bouillon Beef Base
- 1 1/2 tbsp Worcestershire sauce
- 2 eggs lightly beaten
- pinch ground thyme
- 2 pinches dry parsley
- 1 tbsp vegetable oil
- 4 garlic cloves minced
- 2 cups red onion diced
- salt and pepper for taste see notes *A
Brown Sugar Ketchup
- 1/2 cup ketchup
- 4-5 tbsp light brown sugar
- 2 tsp pepper (optional)
Instructions
- Preheat oven to 350 degrees Fahrenheit. Cover the entire top and sides of a baking sheet with heavy-duty aluminum foil.
- Add the vegetable oil to a medium skillet over medium heat. Once the oil is hot enough add the onions and cook until softened about 6-8 minutes. A minute before the onions are done, add the garlic. Cook until fragrant (about 30 seconds). Remove the onions and garlic from the skillet and let it cool for about 5 minutes.
- To a small bowl add the fresh breadcrumbs, eggs, Worcestershire sauce and beef broth. Mix gently. Let the breadcrumbs soak for 5 minutes.
- Get a bowl big enough for the ground beef and breadcrumb mixture. Add the ground beef to the bowl with all the seasonings, salt and pepper. Add the breadcrumb mixture, onions and garlic and gently mix. I used plastic gloves to mix. You can use a fork if you like. Do not mash or overdo with mixing or the beef may get tough.
- Place the beef on the baking sheet lined with heavy-duty aluminum foil. Shape the beef into a loaf. Pour half of the brown sugar ketchup over the meatloaf. With the basting brush, brush the ketchup all over the top and side of the meatloaf.
- Reserve half of the ketchup. You will add the rest of the ketchup once the meatloaf is done.
- Place the meatloaf in the oven. Add another baking sheet on the lower shelf right underneath the meatloaf. Fill it with water. This will help keep the meatloaf moist.
- Bake for 45-55 minutes or until the temperature on your meat thermometer reads 165 degrees Fahrenheit. Add the rest of the ketchup and serve with mashed potatoes and vegetables.
Recipe Notes
Do not overmanipulate the ground beef. Gently mix the ground beef into the seasonings and breadcrumb mixture.
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