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!
Paleo Beef With Broccoli
Paleo Beef with Broccoli. Whole30 Keto beef with broccoli recipe that’s simple, low carb, and healthy, packed with tons of flavor. Simple Paleo Beef with Broccoli will become your favorite healthy meal ! Beef with broccoli is such a popular dish. If you love beef or crave Chinese takeout without the junk, this dish is for you !! Read on. This Paleo Beef with broccoli meal can be yours as early as tonight !
Paleo beef with broccoli. Whole30 and Keto beef with broccoli. Paleo asian food better than takeout. Simple and easy paleo chinese food. Perfect for make ahead meals !
Ingredients
- 1 lb beef (sirloin, skirt steak, boneless short ribs...etc.)
- 1 to 2 heads broccoli, break into florets
- 2 cloves garlic, minced
- 2 pieces thin sliced ginger, finely chopped
- Ghee or cooking fat of your choice
Beef marinade:
- 2 tbsp coconut aminos
- 1/2 tsp coarse sea salt
- 1 tbsp sesame oil
- 1/4 tsp black pepper
- 1 tsp arrowroot/sweet potato powder
- 1/4 tsp baking soda Baking soda is whole30 friendly. See notes section.
Sauce combo:
2 tbsp coconut aminos
1 tbsp red boat fish sauce
2 tsp sesame oil
1/4 tsp black pepper
Instructions
- Slice beef into about ¼ inch thin. Marinate thin sliced beef with ingredients under “beef marinade”. Mix well. Place broccoli florets in a microwave safe container. Add 1-2 tbsp water. Loosely covered with a lid or wet paper towel and microwave for 2 mins. Cook until broccoli is tender but still crunchy. Set aside.
- Heat a wok over medium heat w/ 1 ½ tbsp ghee. When hot, lower the heat to medium, add garlic and ginger. Season w/ a small pinch of salt & stir-fry until fragrant (about 10 secs).
- Turn up the heat to medium-high, add marinated beef. Spread beef evenly over the bottom of the saute pan and cook until the edge of the beef is slightly darkened and crispy. Do the same thing for flip slide - about ¾ way cooked through with slightly charred and crispy surface.
- Add “Sauce Combo”. Stir-fry about 1 min. Add broccoli. Stir-fry another 30 secs. Toss everything to combine.
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