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!
Filipino Beef Pares
Beef Pares is a popular Filipino comfort food with Chinese influence. The use of star anise gives this dish a unique and delicious taste. Pares means pair or partner – a combination of beef and fried rice. Cuts with lots of litid (tendon) are used to achieve a texture that is tender and sticky at the same time. I usually use beef flank, but brisket and shanks are also ideal for making beef pares.
Beef pares always comes with a simple beef broth soup on the side and some chili garlic squeezed with a bit of calamansi or lemon. Nothing beats eating beef pares in a real pares house along the streets, but I hope this recipe will satisfy your cravings, for now!;)
Ingredients
FOR THE BROTH:
- 900 grams (2 pounds) beef flank, cut into 1-inch cubes
- 1 piece white onion, quartered
- 4 cloves garlic, smashed
- 3 pieces bay leaves
- 1 teaspoon ground black pepper
- 2 teaspoons salt
FOR THE BEEF:
- 1 tablespoons canola oil
- 1 piece onion, chopped
- 4 cloves garlic, minced
- 1 thumb-size ginger, minced
- 1 cup beef broth (from cooking the beef)
- 1/4 cup soy sauce
- 1/4 cup brown sugar
- 2 pieces star anise
- salt and pepper to taste
FOR THE FRIED RICE:
- 1/4 cup canola oil
- 4 cups day-old, cold cooked rice
- 6 cloves garlic, peeled and minced
- 2 pieces large egg
- TOPPINGS and CONDIMENTS (optional):
- chili garlic
- juice from fresh calamnsi or lemon
- green onions, chopped (for garnish)
Instructions
- MAKE THE BROTH. Place the beef in a pot and add water, making sure all the meat are submerged. Boil for about 10 minutes while skimming the scum that floats on top. When meat is no longer red discard the water, rinse the beef and the pot to remove all traces of scum.
- Replace the beef and cover with water once more. Add the garlic, onions, bay leaves, salt, and pepper. Bring to a boil again then lower heat, cover, and simmer for about 1 1/2 to 2 hours, or until meat are tender. Remove the meat from broth and keep the broth on low heat.
- MAKE THE BEEF. In a shallow pan over medium heat, heat 1 tablespoon of oil. Saute the onions, minced garlic and minced ginger. Add the cooked beef until lighltly browned, about 2-3 minutes. Add the beef broth, sugar, soy sauce and star anise. Stir until sugar is dissolved. Simmer the mixture until liquid has reduced, about 8-10 minutes. Taste and add salt and pepper as necessary.
- FOR THE FRIED RICE. Break cold rice to separate the grains. Heat the oil in a wide pan over medium heat. Add the minced garlic, stirring occasionally, until golden brown. Transfer the garlic bits on a plate lined with paper towels. Set aside.
- In a small bowl, beat 2 eggs and cook scrambled eggs on the same pan. Set aside.
- Add more oil into the pan, as necessary. Add the rice and separate the grains while spreading the rice on the surface of the pan until heated through. Add the garlic bits and scrambled egg. Mix and evenly distribute them into the rice. Season with salt and pepper to taste.
- ASSEMBLY. Get three bowls. Ladle broth into the first bowl, the beef on the second bowl, and the fried rice on the third bowl. Garnish each bowl with spring onions and serve with chili garlic with calamansi or lemon.
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