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!
CROCK POT BEEF AND NOODLE SOUP
Crock Pot Beef and Noodle Soup ~ Easy Slow Cooker Beef Stew with the Addition of Pasta! Loaded with Stew Meat, Carrots, Celery, Mushrooms and Egg Noodles!
This Crock Pot Beef and Noodle Soup is a great alternative for all of you that may be tired of chicken and noodle soup. I love that you throw stew meat, carrots, celery, mushrooms and a few spices in the crock pot and let it cook all day long then add noodles right before serving! A total winner when you have a busy night ahead.
This soup is super easy to make too!! If you can chop a few vegetables then you can definitely make this soup! And because we are using the crockpot you can throw everything in before you leave for work and let it work its magic! The meat will be fall apart tender and the soup will be full of flavor! The only thing you will need to do is shred the beef and add in the egg noodles to cook for 10-15 minutes. Otherwise, it is a pretty hands off meal!
Crock Pot Beef and Noodle Soup ~ Easy Slow Cooker Beef Stew with the Addition of Pasta! Loaded with Stew Meat, Carrots, Celery, Mushrooms and Egg Noodles!
INGREDIENTS
- 1 small onion, diced
- 3 large carrots, peeled and chopped
- 2 celery ribs, chopped
- 8 oz baby portabella mushrooms, sliced
- 4-6 cloves garlic, minced
- 2 tablespoons tomato paste
- 1 teaspoon beef bullion (or 1 cube beef bullion)
- 1 1/2 pounds beef stew meat
- 6 cups beef broth
- 2 cups wide egg noodles
INSTRUCTIONS
- Place all ingredients in a 6 quart slow cooker except egg noodles. Cover with lid and cook on LOW for 8-9 hours or on HIGH for 5-6 hours.
- Using two forks shred meat if desired and stir in egg noodles. Cover and cook on HIGH for 10-15 minutes or until noodles are tender.
TOP TIPS:
- If you don't have stew meat feel free to use any tough cut of beef. The crockpot is great for tough cuts of meat!! A chuck roast will work great and you can place the whole thing in the crockpot and shred it at the end.
- Be sure to add the egg noodles at the end of cooking or they will become mushy from the long cook time. They only need about 10-15 minutes on HIGH to become tender.
- I like to serve this with some crusty french bread. It would also be great served with a simple side salad.
| NUTRITION FACTS |
|---|
| Serving Size | |
| Amount Per Serving | As Served |
| Calories 266kcalCalories from fat 59 |
| % Daily Value |
| Total Fat 7g | |
| Saturated Fat 3g | |
| Cholesterol 82mg | |
| Sodium 650mg | |
| Carbohydrate 20g | |
| Dietary Fiber 3g | |
| Sugars 6g | |
| Protein 33g | |
|
Percent Daily Values are based on a 2,000 calorie diet. Your daily values may be higher or lower depending on your calorie needs:
| CALORIES | 2000 |
|---|
| Total Fat | Less than | 65g |
| Sat Fat | Less than | 25g |
| Cholesterol | Less than | 300mg |
| Sodium | Less than | 2,400mg |
| Total Carbohydrate | 300g |
| Dietary Fiber | 25g |
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