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!
SLOW COOKER GUINNESS SHORT RIBS WITH CHEESY CAULIFLOWER MASH.
If you’re looking for some major comfort food, these Guinness short ribs and cauliflower mash are the business. I mean, we are talking one heck of a fabulous dinner.
These short ribs are SO fantastic. I made these three separate times (and three separate ways) to really test them, and they were also super delicious on sandwiches. And on nachos! Yes yes, omg.
INGREDIENTS:
- 3 to 4 pounds boneless beef short ribs
- 1 teaspoon salt
- 1 teaspoon pepper
- 2 tablespoons all-purpose flour
- 1 tablespoons canola or vegetable oil
- 8 ounces Guinness or another stout
- 1 cup low-sodium beef stock
- 1 tablespoon all-purpose flour
cheesy cauliflower mash
- 1 large head cauliflower
- 2 tablespoons browned butter
- 1/4 cup cooking liquid from the cauliflower
- 4 ounces sharp white cheddar cheese, freshly grated
- 3 tablespoons freshly grated parmesan cheese
- pinch of salt and pepper
DIRECTIONS:
- Season the short ribs with the salt and pepper. Sprinkle the flour over top and coat them all evenly. At this point, you can throw the short ribs directly in the slow cooker or you can brown them first. I have this slow cooker that sears meat, and it’s amazing!
- To sear the beef, add the oil to a large pot or dutch oven. Add the ribs and sear on all sides until golden brown, about 1 minute per side. Place the short ribs in the slow cooker and add the Guinness. Cover and cook on low for 8 hours.
- After 8 hours, remove the short ribs and shred them with kitchen tongs or a fork. At this point, I like to thicken the sauce or liquid that is left in the slow cooker. I use my slow cooker and turn it to the saute setting at 500 degrees. Otherwise, you can transfer the liquid to a saucepan on the stovetop over medium heat. Add the flour to the beef stock in a shaker bottle and shake for 30 seconds to create a slurry. Pour into the saucepan (or slow cooker if you have the same one I do) and whisk constantly until thickened.
cheesy cauliflower mash
- Cut the head of cauliflower into florets. Place it in a large pot or saucepan and cover it with water, just about an inch past the top of the cauliflower. Bring the mixture to a boil and cook until tender, about 10 minutes or so. Drain the cauliflower, reserving about 1/4 cup of the liquid. Add the cauliflower to a food processor and blend until pureed. Stream in the cooking liquid, the browned butter, the cheddar cheese and the parmesan cheese, along with a pinch of salt and pepper. Blend until creamy. Taste and season additionally if needed!
- Serve the short ribs with the gravy over the cauliflower mash!
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