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!
MY BEST CHILI
This recipe for My Best Chili is a major favorite around here! It’s a hearty, warming chili made with ground beef, bacon, sausage, and just the right amount of kick
I bet you’re guessing you’re on the wrong website right now…right?? 😁 Chili is not usually the typical fare that you see around here…but, little known to most, lurking in the back of my recipe archives, are a couple savory recipes lurking around, just waiting to be discovered and devoured by you.
I posted the recipe for my “best chili” way back in December of 2010, only a couple of months after Bakerita was founded. I shared more savory recipes back then, and because I was a new blogger, my pictures could only be described as terrible.
Ingredients
- 2 pounds ground beef I used leaner beef with 5% fat
- 1 pound bulk Italian sausage mild, casings removed
- ½ pound bacon
- 2 (15 oz) cans kidney beans, drained
- 1 (15 oz) can pinto beans, drained
- 1 (15 oz) can black beans, drained
- 2 (28 oz) cans diced tomatoes with juice
- 1 (6 oz) can tomato paste
- 1 large yellow onion chopped
- 1 red bell pepper seeded and chopped
- 2 cups beef stock see Notes
- 3 tablespoons chili powder
- 1 tablespoon Worcestershire sauce make sure to find gluten-free if necessary, or leave it out
- 1 tablespoon minced garlic
- 1 tablespoon dried oregano
- 2 teaspoons ground cumin
- 1 teaspoon dried basil
- 1 teaspoon salt
- 1 teaspoon ground black pepper
- 1 teaspoon paprika
Instructions
- Heat a large stock pot over medium-high heat. Crumble the ground chuck and sausage into the hot pan, and cook until evenly browned. Drain off excess grease.
- In a different pan, cook the bacon until crispy. Crumble and add to stock pot. Cook the chopped onion and pepper in the bacon drippings for about 5 minutes or until onions are translucent. Add to the stock pot.
- To the stock pot, add in the drained beans, diced tomatoes, tomato paste, and beef stock. Season with chili powder, Worcestershire sauce, garlic, oregano, cumin, basil, salt, pepper, and paprika. Stir to blend, then cover and simmer over low heat for at least 2 hours, stirring occasionally.
- After 2 hours, taste, and adjust salt, pepper, and chili powder if necessary. The longer the chili simmers, the better it will taste.
- Remove from heat and serve, or refrigerate, and serve the next day. Serve with cheese, onions, sour cream, or whatever chili toppings you prefer!
Recipe Notes
I used to use 1 cup of beer and 1 cup of concentrated beef stock (water + 4 boullion cubes), but now I use all beef stock to keep it gluten-free. Use the beer if gluten doesn't matter to you!
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