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!
Creamy Cajun Pork Chops
The term “smothered” when referring to a southern cooking technique and I think this is similar. The meat is browned, the vegetables sautéed, the meat goes back in to simmer in the sauce. That’s pretty much what I did here, with onions, garlic and cremini mushrooms.
The chops simmer until fully cooked, then the pan sauce is reduced and finished off with sour cream and Cajun spices. This is can be your kind of comfort food on a cold night ~ served over egg noodles to sop up all the rich, spicy sauce.
Creamy Cajun Pork Chops RecipePork chops smothered in onions and mushrooms, in a spicy Cajun cream sauce.
Ingredients- 4 thick-cut (1¼-inch) rib pork chops
- freshly cracked black pepper, to taste
- kosher salt
- 2 tbsp butter
- 1 small yellow onion, diced
- 1 cup sliced cremini mushrooms, about 4 ounces ~ can use white button mushrooms instead
- 3 cloves garlic, finely chopped
- 1 cup chicken stock or broth, preferably homemade
- 2 bay leaves
- 1 cup sour cream
- 1 tbsp Cajun seasoning ~ I used my local grocer's Cajun blend
- 1 tsp smoked paprika ~ can use regular if that's what you have
- cooked egg noodles, for serving
Instructions- Season chops with plenty of black pepper to taste and sprinkle with a little kosher salt. Heat 2 tablespoons butter in a large skillet over medium-high heat. Brown chops, about 5 minutes per side. Remove chops to a plate and set aside, leaving fat in skillet.
- Add onions and mushrooms to skillet and sauté until softened, about 5 minutes. Add garlic and a pinch of salt and cook until just fragrant, about 30 seconds.
- Add the chicken stock and deglaze the pan, stirring up any browned bits. Season with another sprinkle of salt. Turn down the heat to a simmer, add the bay leaves and nestle the chops back in the sauce. Cover and simmer on low for about 30 - 35 minutes until the chops are cooked through.
- Remove cooked chops to plate and cover loosely with foil. Increase heat to high and bring pan juices to a boil and reduce by about half. Skim as much fat from the surface as you can (I probably skimmed off 2 to 3 tablespoons).
- Remove bay leaves and turn heat down to low. Whisk in sour cream, Cajun seasoning and smoked paprika until smooth and creamy and heat for 3 minutes, be careful not to boil. Taste and adjust for salt and pepper. Add chops back to pan and coat in sauce and heat another minute or two. Serve over hot buttered egg noodles with plenty of sauce and chopped fresh parsley.
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