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 Pan Seared Sweet and Spicy Pork Chops
These Easy Pan Seared Sweet and Spicy Pork Chops are ideal to whip up on those nights you want something supper quick, easy and tasty! Serve them with some turmeric millet and honey chili carrots for one heck of a delicious meal!
Ingredients
For the Sweet and Spicy Pork Chops
- 1 red onion chopped
- 1 tsp ginger freshly grated
- 2 cloves garlic chopepd
- 2 tsps chili powder (more or less according to your tastes)
- 1.5 tsp smoked paprika
- 1/4 cup honey
- 1 tbsp olive oil
- salt and pepper to taste, cilantro for garnish
- 1 lb Smithfield All Natural Boneless Pork Chops cubed
For the Sweet and Spicy Carrots
- 1 tbsp olive oil
- 3 carrots sliced
- 1 red onion chopped
- 1 tsp ginger freshly grated
- 2 tbsp honey
- 2 tsp chili powder
- 1/4 tsp salt and pepper
For the Turmeric Millet
- 2 cups water
- 1 cup millet
- 1 tsp turmeric
- 1 tsp coriander
- 1 pinch salt to taste
Instructions
For the Sweet and Spicy Pork Chops
- Add the olive oil to a pan over a medium flame. When warm, add in the onions and saute about 10 minutes.
- Then add in the ginger, garlic, cubed up Smithfield All Natural Boneless Pork Chops and saute about 5-7 minutes, till Smithfield All Natural Boneless Pork Chops are slightly browned.
- Add in the honey, smoked paprika, chili powder, salt and pepper and saute another 5-7 minutes. Set Sweet and Spicy Pork Chops aside for a bit before garnishing with cilantro and digging into.
For the Sweet and Spicy Carrots
- Add olive oil to a pan and when warm, add in the red onion and saute about 10 minutes.
- Then add in the carrots, cover and let cook about 10 minutes.
- Then add in the ginger, honey, chili powder and salt and pepper. Serve with Sweet and Spicy Pork Chops and turmeric millet.
For the Turmeric Millet
- Add the water to a pan and bring to a boil. Then add in the millet, turmeric, coriander and salt. Cover and let cook about 10 minutes or till millet is tender. Fluff with a fork and serve with Sweet and Spicy Pork Chops and Sweet and Spicy Carrots.
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