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!
Easy Paleo Crock Pot Roast Recipe (Gluten-Free, Clean Eating, Dairy-Free)
I am a big fan of using my crock pot and I always use the same easy Paleo Crock Pot Roast Recipe recipe because it is easy and delicious! It’s also a pretty inexpensive meal if you get your meat on sale. I got my roast for under $11 and will use it for 2 meals. I think that is a pretty good deal for a family of 4!
I say to use a 2-3 pound chuck roast, but you can use a butt roast also. A 2-3 lb roast will probably get you 8-12 servings and I always have too much so I always cut my roast in half and freeze the other half. This works best for us, but I included ingredients to use for a full roast.
The gravy is really easy to make and you can easily make it gluten free by using a gluten-free flour or “clean” by using whole wheat, spelt or einkorn flour. To make this easy pot roast crock pot recipe Paleo, just use turnips instead of white potatoes and tapioca or arrowroot starch for the gravy.
INGREDIENTS
- 3 lbs Chuck Roast
- 5 Potatoes (cut into chunks (parsnips for Paleo)
- 1 Onion (cut into chunks)
- 4 Carrots (cut into chunks)
- 2 cups Beef Stock or broth
- 2 cups Water
- 1/2 tsp Garlic Powder
- 1/2 tsp Onion Powder
- 1/2 tsp Italian Seasoning
- 1/4 tsp Real Salt
- 1/4 tsp Pepper
INSTRUCTIONS
- First cut all of the potatoes and onions into large chunks. Using large chunks (about 2 inches square) makes sure they don’t turn to mush in the crock pot.
- First add the Roast to the crock pot, then the potatoes and onions and carrots (if used).
- Then add the seasonings over top.
- Next add the beef stock. The roast should be covered in liquid so add water until it is covered.
- Depending on your crock pot and how fast it cooks will depend on the time. Mine is pretty hot so it took about 5 hours on high/10 hours on low.
- You will know it is done when you put a fork in it and it just falls apart.
- Once it is done remove the roast, potatoes, onions, and carrots from the crock pot and enjoy.
- You can use the juice over your roast or you can make a gravy by putting it on the stove and bringing to a boil while whisking in flour to the desired texture.
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