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!
THE BEST OVEN-BAKED BABY BACK RIBS WITH DRY RUB RECIPE
Oven Baked BBQ Ribs is my most popular recipe on my blog. Cooked low and slow until they fall right off the bone.
Oven-baked baby back ribs are mouthwateringly juicy, fall off the bone tender, and when slathered with tangy barbecue sauce, just plain finger-licking’ good!
Folks in the South take their barbecue very seriously. There are countless articles and reviews of different barbecue restaurants and barbecue contests to decide which is the best. But ultimately, it’s a highly personal and subjective matter.
In other words, what is a killer barbecue sauce, rub, or recipe for one person is not necessarily another person’s favorite. And, the debate about the merits of wet vs. dry rub goes on and on.
INGREDIENTS : Baby Back Ribs Dry Rub Ingredients
- 1 tsp garlic powder
- 1 tsp onion powder
- 1 tsp kosher salt
- 1/4 tsp ground black pepper
- 1/2 cup brown sugar
- 1 tsp cumin
- 1 tsp chili powder
Oven-Cooked Baby Back Rib Ingredients:
- 2 racks baby back pork ribs about 1 1/2 lb each
- 2 cups barbecue sauce we like Sweet Baby Ray's Hickory and Brown Sugar Barbecue Sauce
INTRUCTIONS :
- Remove the membrane from the back of the slabs by using the blade of a small paring knife to pry up a corner of the membrane. Then grab it with a paper towel and peel it off down the length of the meat.
- Combine all dry rub ingredients in a small bowl. Sprinkle the dry rub liberally over the front and back of the rack and gently rub it in.
- For the best flavor, let the meat sit with the rub for at least 30 minutes, or you can cover and refrigerate it for up to 24 hours.
- Preheat the oven to 300 degrees.
- When ready to cook the meat, wrap the slabs in heavy-duty aluminum foil and place them on a baking sheet with a rim. Place them in the oven and cook for one hour and thirty minutes or until the meat starts pulling away from the bone and is tender.
- When the pork is done, open the foil packet completely and brush on your favorite barbecue sauce. Turn up the heat to 350 degrees and let the meat cook for an additional 30 minutes.
- Serve immediately with plenty of napkins!
Notes
If you prefer you can cook the racks in a slow cooker or crockpot. After they have marinated in the rub, add to your slow cooker and cook on low 8 hours or on high for 4 hours. When the meat is done, remove from the slow cooker and place on a rimmed baking sheet. Brush on your favorite barbecue sauce and bake at 350 degrees for an additional 30 minutes or until the barbecue sauce caramelizes.
To finish the baby back ribs on the grill instead of the oven; when they are done, preheat the grill to 350 degrees. Place the slabs of meat on the grill grate and generously coat with your favorite BBQ sauce. Grill the slabs on both sides until the BBQ sauce is browned and bubbling, about 5 minutes per side.
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