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!
Hawaiian Pineapple BBQ Meatballs
Hawaiian Pineapple BBQ Meatballs
If you don’t usually lick your fork while eating, these meatballs will probably get you to start. I’ve been obsessing over this Hawaiian pineapple BBQ meatballs recipe for months. Now it’s time to come clean and share how freakin’ easy it is to make slow cooker Hawaiian meatballs.
These meatballs are served any way you want. I like sprinkling a little grated cheese on top. For a party, serve them with tooth pics, forks, or with a side of hoagie rolls so they can be turned into Hawaiian bbq meatball sandwiches. Yum. Yum.
Ingredients
Meatballs
- 2 eggs
- ½ cup breadcrumbs
- ½ cup chopped onion
- ½ cup chopped orange pepper
- 2 tbsp garlic diced
- 2 lbs ground beef
- S+P
- Sauce
- 20 oz crushed pineapple
- 1 cup BBQ sauce
Instructions
- Preheat oven to 375 degrees. Line 1-2 rimmed cookie sheets with parchment paper and set aside.
- Combine meatball ingredients until integrated. Using an ice cream scoop, create balls (1” for small, 2” for large) and set them on the cookie sheets.
- Bake meatballs 20-45 minutes, until cooked. Watch them so they don’t dry out.
- Make the sauce by combining crushed pineapple and BBQ sauce. Place meatballs in a crockpot and pour the sauce on top. Cook 2-4 hours, stirring occasionally.
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