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!
AMAZING PORK CARNITAS RECIPE
AMAZING PORK CARNITAS RECIPE
INGREDIENTS:
- 4 pound boneless pork butt, fat trimmed and cut into 2 inch cubes
- 1 1/2 tsp salt
- 3/4 tsp pepper
- 1 tsp ground cumin
- 1 onion, peeled and halved
- 2 bay leaves
- 1 tsp dried oregano
- 2 Tb fresh lime juice
- 2 C water
- 1 medium orange, juiced and keep the spent halves
INTRUCTIONS :
- djust oven rack to lower middle position and heat to 300 degrees. Combine all the ingredients in a large Dutch oven, including the spent orange halves and juice. Bring the mixture to a simmer over medium-high heat, uncovered. Once it simmers, cover pot and transfer it to the oven. Cook until the meat falls apart when prodded with a fork, about 2 hours.
- Remove the pot from the oven and turn on the broiler. Use a slotted spoon to remove the meat from the pan and place it on a large foil-lined jelly roll pan. Remove and discard everything from the pot except for the cooking liquid. Place pot over high heat on the stove and boil until thick and syrupy, about 20 minutes. You should have about 1 C of liquid remaining when it is finished.
- While the liquid is reducing, use two forks to pull each cube of pork into three equal sized pieces. Once the liquid has become a syrup, gently fold in the pieces of pork into the pot. Try not to break up the pork any further. Taste and add additional salt and pepper.
- Spread the pork back onto the foil lined pan and evenly spread the meat around so there is a single layer of meat. Place the jelly roll pan on the lower middle rack of the oven and broil until the top of the meat is well browned and edges are slightly crisp, about 5 to 8 minutes. Using a wide metal spatula, flip the pieces of meat and broil the other side until well browned and edges are slightly crisp, 5 to 8 minutes. Serve immediately in a tortilla with all your favorite toppings.
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