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!
Beef Stew with Carrots & Potatoes
Feel free to adapt the recipe to your liking. You can leave out the potatoes and serve it over buttered egg noodles, or toss in some frozen peas or sautéed mushrooms at the very end. Either way, it’s soul-satisfying comfort food for a cold night.
Ingredients
- 3 pounds boneless beef chuck (well-marbled), cut into 1-1/2-inch pieces
- 2 teaspoons salt
- 1 teaspoon freshly ground black pepper
- 3 tablespoons olive oil
- 2 medium yellow onions, cut into 1-inch chunks
- 7 cloves garlic, peeled and smashed
- 2 tablespoons balsamic vinegar
- 1-1/2 tablespoons tomato paste
- 1/4 cup all-purpose flour
- 2 cups dry red wine
- 2 cups beef broth
- 2 cups water
- 1 bay leaf
- 1/2 teaspoon dried thyme
- 1-1/2 teaspoons sugar
- 4 large carrots, peeled and cut into one-inch chunks on a diagonal
- 1 pound small white boiling potatoes (baby yukons), cut in half
- Fresh chopped parsley, for serving (optional)
Instructions
Preheat the oven to 325°F and set a rack in the lower middle position.
Pat the beef dry and season with the salt and pepper. In a large Dutch oven or heavy soup pot, heat 1 tablespoon of the olive oil over medium-high heat until hot and shimmering. Brown the meat in 3 batches, turning with tongs, for about 5 minutes per batch; add one tablespoon more oil for each batch. (To sear the meat properly, do not crowd the pan and let the meat develop a nice brown crust before turning with tongs.) Transfer the meat to a large plate and set aside.
Add the onions, garlic and balsamic vinegar; cook, stirring with a wooden spoon and scraping the brown bits from bottom of the pan, for about 5 minutes. Add the tomato paste and cook for a minute more. Add the beef with its juices back to the pan and sprinkle with the flour. Stir with wooden spoon until the flour is dissolved, 1 to 2 minutes. Add the wine, beef broth, water, bay leaf, thyme, and sugar. Stir with a wooden spoon to loosen any brown bits from the bottom of the pan and bring to a boil. Cover the pot with a lid, transfer to the preheated oven, and braise for 2 hours.
Remove the pot from the oven and add the carrots and potatoes. Cover and place back in oven for about an hour more, or until the vegetables are cooked, the broth is thickened, and the meat is tender. Taste and adjust seasoning if necessary. Serve the stew warm -- or let it come to room temperature and then store in the refrigerator overnight or until ready to serve. This stew improves in flavor if made at least 1 day ahead. Reheat, covered, over medium heat or in a 350°F oven. Garnish with fresh parsley, if desired.
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