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!
Enoki Beef Rolls Simple Recipe
Here’s a quick, simple and delicious dish with authentic Japanese taste. These Japanese enoki beef rolls are classic, easily found on the menu of any good Japanese restaurants.
These beef rolls are classic, easily found in the menu of any good Japanese restaurants. If you want to save up much time for lining up for a table, then all you need is to get the ingredients. And you can make this dish on the go. The beef rolls go really well with steamed rice.
Japanese Enoki Beef Rolls Recipe
Ingredients:- 20 thin slices (about 100 gm) beef fillet
- 120 gm enoki mushrooms
Seasonings:- 2 Tbsp Japanese cooking wine
- 2½ Tbsp light soy sauce
- 2½ Tbsp mirin
- 1 Tbsp sugar
Instructions :- Trim away the roots of the mushrooms and remove any dirts. Rinse and wipe dry with kitchen pappers. Divide them into 10 equal portions.
- Roll and wrap each portion of the mushrooms with 2 slices of beef.
- Heat up some oil in a non-stick frying pan over medium heat. Place the beef rolls into the pan in a single layer with seams facing down. Pan fry for about 1 minute. Carefully turn to another side. Pour in the seasonings. Increase heat to high and cook until the mushrooms become soft. Serve immediately.
Notes：- The enoki mushrooms will release some water while cooking. Cook until sauce dries up to your preferred level of saltiness. Yet don’t overcook the beef or let the sauce turn to be too dry.
- I used the already thinly sliced beef for hotpot. You can get some from Korean or Japanese stores. The texture is really tender.
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