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!
CUBAN STYLE PICADILLO
Cuban style picadillo was one of those unforgettable recipes, the flavours were bold and the meat generously seasoned – just how I like it, no complaints from me. I made a pledge to myself that I would make my own rendition and try to do the traditional recipe some justice. Picadillo is actually a Spanish cuisine that was brought to the Spanish colonies including Puerto Rico.
Similar to the other Caribbean islands, each island has their own version of how to make this wonderful dish. My version of this Cuban style picadillo has its own adaptation to suit but these are modifications that don’t stray too far away from the traditional recipe and using ingredients that you will most likely have in your pantry/spice rack.
As with many Latin American dishes, sofrito which is an aromatic sauce consisting of bell peppers, onions, tomatoes, garlic and herbs form the base of almost any dish, so this what will need to be prepped before browning the ground beef.
INGREDIENTS
- 1 lb of grass feed minced beef (washed)
- Adobo seasoning (see post, use all)
- 1 onion, chopped
- 5 garlic cloves, minced
- 1 green bell pepper, chopped
- 1/2 tsp cumin
- 1/2 tsp oregano
- 2 bay leaves
- 1 small can of chopped tomatoes
- 1/3 cup of olives or capers
- 1/2 cup of raisins
- 1/2 cup of red grape juice (see post, can use red wine)
- 2 tsp parsley (optional)
- 3 tbsp coconut oil (can use olive oil if you prefer)
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INSTRUCTIONS
- Start by placing the ground meat in a large bowl. Use your hands to work in the adobo seasoning. Really work the dry rub in by breaking down the slab of minced beef then set aside. Melt the coconut oil in a large skillet/pan on medium heat, then add the onions, garlic and bay leaf and sautee for 1 minute.
- Add the beef and proceed to seal and brown the meat with the other ingredients. This should take 4-5 minutes.
- Once the meat has darkened add the green bell pepper then pour in the chopped tomato and evenly coat the minced beef in the sauce.
- Sprinkle the cumin, oregano and parsley into the pan and stir.
- Add the raisins and olives to the pan again, giving another good stir.
- Finally pour the red grape juice to the entire pan and bring to a rolling boil before reducing the flame to low.
- Cover the pan with lid and simmer for 15-20 minutes (checking periodically).
- Serve accordingly
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