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!
KILLER BURGER SAUCE
This is it, the killer burger sauce recipe. If you don’t want dry, stale burgers look no further for the best classic hamburger sauce.
I’ll make this short and sweet since we’ve already talked about our two secrets for the perfect burger. We live by those secrets and sure enough our burger turns out every time.
There are just a few other things we thought we would share. First, burgers don’t want to be slow cooked so crank up the heat and quickly cook on each side. We do medium high heat for 2-3 minutes per side.
This is it, the killer burger sauce recipe. If you don’t want dry, stale burgers look no further for the best classic hamburger sauce.
INGREDIENTS:
- Brioche Buns
- 1 Pound Special Meat Blend
- Butter, or Green Leaf Lettuce
- Vine Rip Tomato, sliced
- American Cheese, sliced
- 2 Tablespoons Butter, divided between 4 burgers, plus more for buns if decided
- Salt and Pepper
- FOR THE SAUCE
- 1/2 Cup Mayonnaise
- 2 Tablespoons BBQ Sauce
- 2 Tablespoons Ketchup
- 1/4 Teaspoon Mustard or Dijon Mustard
- 2 Tablespoons Sweet Pickle Relish
- 3 Teaspoons Worcestershire Sauce
- 1/4 Teaspoon Onion Powder
- 1/4 Teaspoon Garlic Powder
- Salt and Pepper to taste
DIRECTIONS:
- FOR THE SAUCE
- In a small bowl, whisk together the mayonnaise, bbq, ketchup, and mustard.
- Stir in the relish, Worcestershire, and seasonings.
- Set aside until you’re ready to assemble.
- Prepare the tomatoes and lettuce, set aside.
- Heat the grill to high heat.
- Brush the grates with a little oil.
- Separate the meat into four patties and press out flat, making an indentation right in the center to promote even cooking and less shrinking.
- Sprinkle with salt and pepper and place a dollop of butter on top.
- Place each patty on the grill and turn to medium high.
- Cook on one side for about 2-3 minutes, if the burger is ready to be flipped it will release from the grates, if not allow it to cook a moment more.
- Flip and season the other side, adding your cheese, shutting the lid and cooking for an additional 2-3 minutes.
- Meanwhile, brush a little butter on the inside and outside of the buns.
- Place bottom down on the grill and toast only until grill marks appear.
- Remove from grill, slather each bun with sauce, lettuce, tomato, and finally the patty, the center should be slightly pink when done.
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