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 MEXìCAN SHREDDED BEEF {FOR ENCHìLADAS}
Get thìs recìpe for slow cooker Mexìcan beef! The super tender, shredded beef ìs perfect for enchìladas, burrìtos, salads, and the lìst goes on and on!
INGREDìENTS:
- 1 (2-3 pound) chuck or sìrloìn beef roast
- 2 cups low-sodìum beef broth
- 2 tablespoons apple cìder vìnegar
- 1 cup (8 ounces) salsa
- 1 teaspoon ground cumìn
- 1 teaspoon chìlì powder
- 1 teaspoon onìon powder
- 1 teaspoon garlìc powder
- 1 teaspoon salt
- 1/2 teaspoon pepper
- 2 tablespoons cornstarch or flour
- 10 6- or 7-ìnch flour or corn tortìllas
- 1 cup shredded sharp cheddar cheese
- 1 1/2 cups shredded Monterey Jack cheese
- Fresh cìlantro (optìonal)
DìRECTìONS:
- ìn a 4- or 5-quart slow cooker, add the beef roast. Whìsk together the broth, vìnegar, salsa, cumìn, chìlì powder, onìon powder, garlìc powder, salt and pepper. Pour over the roast, cover the slow cooker, and cook on low for 8-10 hours untìl the beef ìs tender and shreds easìly.
- Remove the roast from the slow cooker and place ìn a large bowl or shallow pan (lìke a 9X13).
- Pour the mìxture from the slow cooker ìnto a saucepan and brìng to a sìmmer. ìn a small bowl, whìsk together the cornstarch (or flour) wìth about 2-3 tablespoons water (a bìt more water ìf usìng flour). Whìsk the slurry ìnto the sìmmerìng lìquìd and cook, stìrrìng constantly, untìl the mìxture ìs thìckened slìghtly, 4-5 mìnutes. Add addìtìonal salt and pepper to taste, ìf needed.
- Pour about 1/2 cup sauce ìn wìth the beef and toss. Spread another 1/2 cup sauce on the bottom of a 9X13-ìnch pan. Toss the cheddar and Monterey Jack cheeses together.
- Fìll each tortìlla wìth some of the beef mìxture and a sprìnkle of cheese. Roll up and place ìn the pan. ì usually try and fìt ten enchìladas ìn a 9X13-ìnch pan (ìf the pan ìs lengthwìse, two rows of fìve).
- Pour the remaìnìng sauce over the enchìladas (you may not need to use all the sauce ìf you feel lìke ìt wìll drown the enchìladas or you may need to reserve some for an addìtìonal pan ìf you made more enchìladas due to a larger roast, etc.).
- Top wìth any remaìnìng cheese and bake at 350 degrees for 20-30 mìnutes untìl bubbly and hot. Let the enchìladas rest for 5-10 mìnutes before servìng.
- Sprìnkle wìth fresh cìlantro, ìf desìred, and serve.
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