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!
DELICIOUS MUSHROOM GRAVY
Here’s a true confession, we’re gravy addicts. Seriously we can’t get enough of mushroom gravy. Our delicious mushroom gravy recipe is super easy and that’s quite dangerous. Why? Because it’s so easy to make and super delicious, it’s hard to not want to eat it everyday. We put this stuff on everything. Literally almost everything except for vanilla ice cream. Mashed potatoes (duh), meats, veggies, dipping with bread, you name it, we’ll put it on our savory foods anytime of day. In fact, one of our kitchen team members ate this mushroom gravy for breakfast two days in a row just to finish all the recipe testing leftovers! Now that’s total obsession and dedication.
This makes a larger batch of gravy, perfect for gatherings. If you want a smaller batch, either cut it in half or make as is and freeze the extra for future use.
Ingredients
- 1/4 cup butter , divided
- 16 ounces mushrooms , sliced
- 2 cloves garlic , minced
- 1/3 cup flour
- 4 cups broth (beef, chicken or vegetable)
- salt to taste
- black pepper to taste
Directions
- In saucepan, melt 1 Tablespoon of butter over medium-high heat. Add mushrooms and cook until golden and excess mushroom liquid evaporates, about 10 minutes.
- Add garlic and remaining butter (3 tablespoons). Cook for about 1 minute.
- Stir in the flour, cooking and stirring to remove lumps. Add about 1/2 cup of beef stock, whisking until incorporated.
- Pour in the remaining broth and whisk until well combined. Season with salt and pepper, to taste (the saltiness and flavors will concentrate some when it reduces down).
- Reduce heat to medium, stirring often, simmer until thickened, about 15-20 minutes depending on your preferred thickness. Check for seasoning and salt again if needed.
- Serve on your favorite meatloaf, mashed potatoes or what ever you enjoy.
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