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 Slow Cooker Pot Roast I've Ever Made! - Perfect Dinner Recipe
This recipe has proven to produce thee best pot roast I've ever made. Every component is pure perfection. The meat is juicy and fall-apart tender. The vegetables are cooked just right and are full of flavor. The seasonings are simply spot on and the broth yields a fabulous gravy-like sauce that is divine when poured over everything prior to serving.
We usually have leftovers of this, so we often make hash the following day. The leftover roast is, also, fabulous utilized in a hot roast beef sandwich for lunch.
Best Slow Cooker Pot Roast is the ultimate comfort food! It’s a super hearty, deliciously flavorful meal in one that’s sure to satisfy even the pickiest of eaters. This is just classic, homestyle, stick to your ribs good food made with basic, real ingredients. Plus it’s the best thing to come home to, cooked and ready to eat, after a long day.
INGREDIENTS :
- 1 chuck roast (mine was 3 pounds)
- Olive oil
- 1 pound carrots, peeled and cut into large chunks
- 2 pounds potatoes, peeled and cut into large chunks
- 1 onion, peeled and cut into large chunks
- 2 stalks celery, cut into large chunks (optional)
- 1 cup beef broth
- 1 tablespoons corn starch
SEASONING MIX :
- 2 tablespoons steak seasoning (mine is store-bought and has a blend of peppercorns, garlic, paprika, parsley and salt)
- 1 tablespoon kosher salt
- 1 tablespoon dried thyme
- 1 tablespoon dried rosemary
DIRECTIONS :
- Combine together seasoning mix in a small bowl. Set aside.
- Coat both sides of meat with olive oil. Sprinkle on a third of the seasoning mix onto each side.
- Sear both sides of the meat in a large skillet over medium-high heat. Transfer roast to slow cooker.
- Place the vegetables in a large bowl. Drizzle on a little olive oil to coat vegetables. Sprinkle on the remaining seasoning mix. Add the vegetables to the same skillet that was used to sear the meat. Sauté for about five minutes - stirring occasionally.
- Transfer the vegetables to the top of the roast in the slow cooker. Pour in the beef broth. Cover with lid.
- Cook on low for 9 hours or on high for 6 hours.
- Using a turkey baster, retrieve most of the cooking juices from the slow cooker. Transfer juices to a small sauce pan and bring to a simmer over medium heat on the stovetop. Whisk together the cornstarch with a little water. Blend into the pan juices while whisking. Bring back to a simmer until thickened. Taste and adjust seasoning as needed.
- Transfer the roast and vegetables to a large platter. Ladle the gravy over. Serve immediately.
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