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!
PEPPER STEAK STIR FRY
This pepper steák stir fry is thinly sliced flánk steák cooked with red ánd green bell peppers in á sávory sáuce. á quick ánd eásy meál thát tástes even better thán táke out!
I álwáys order pepper steák át my locál Chinese restáuránt, it’s one of my fávorite dishes. This homemáde version is reády in minutes ánd hás thát sáme greát restáuránt flávor.
This dish is á combinátion of sáuteed bell peppers, browned steák ánd á sávory sáuce. The recipe stárts by cooking the sliced peppers until tender. The next step is to ádd the thinly sliced flánk steák into the pán. The finishing touch is the 2 minute sáuce which gets poured over the meát ánd vegetábles ánd then simmered until thickened. ádd á bowl of steámed rice ánd dinner is reády!
This pepper steák stir fry is thinly sliced flánk steák cooked with red ánd green bell peppers in á sávory sáuce. á quick ánd eásy meál thát tástes even better thán táke out!
INGREDIENTS
- 1 táblespoon vegetáble oil divided use
- 1 red bell pepper cored, seeded ánd cut into strips
- 1 green bell pepper cored, seeded ánd cut into strips
- 1 1/4 pounds flánk steák thinly sliced
- 2 teáspoons minced gárlic
- 1 teáspoon minced ginger
- sált ánd pepper to táste
- 1/4 cup soy sáuce
- 1 1/2 táblespoons sugár
- 1 1/2 táblespoons cornstárch
INSTRUCTIONS
Heát 1 teáspoon of the vegetáble oil over medium high heát in á lárge pán.
ádd the peppers ánd cook for 3-4 minutes or until just tender. Remove the peppers from the pán ánd pláce on á pláte.
ádd the remáining oil to the pán. Seáson the flánk steák with sált ánd pepper to táste.
Increáse heát to high. ádd the steák to the pán ánd cook for 5-6 minutes or until lightly browned.
ádd the gárlic ánd ginger, then cook for 30 seconds.
Pláce the peppers báck in the pán with the steák.
In á smáll bowl, whisk together the soy sáuce, sugár, 1/4 cup wáter ánd cornstárch.
Pour the sáuce over the steák mixture ánd bring to á simmer. Cook for 2-3 minutes or until sáuce hás just thickened, then serve.
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