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!
Easy Korean Barbecue Beef Short Ribs
These finger lickin' ribs are so easy to grill or broil, and they're amazingly delicious thanks to a flavorful marinade. The ribs are cut across the bone flanken-style, and have more the appearance of thin steaks than traditional short ribs. The Korean name for this recipe is Kalbi or Galbi, depending on who you ask. It's no wonder these incredibly succulent ribs are now surging in popularity in the U.S.
These are so easy to make, and they cook fast since the cut is thin. Simply marinate the meat in the Sauce, cook them in less than 10 minutes over a hot grill or under the broiler, and they're ready to eat.
Easy Korean Barbecue Beef Short Ribs Recipe
Ingredients- 4-5 lbs. flanken-cut beef short ribs (1/2 in. thick or less)
Sauce :
- 3/4 cup sugar
- 1/4 cup toasted sesame oil
- 2 tablespoons minced garlic (6 cloves)
- 2 tablespoons minced ginger
- 2 tablespoons toasted sesame seeds
- 1 teaspoon crushed red pepper flakes
- 3 green onions, chopped (1/3 cup)
- Peel and grate the ginger. I use a spoon to easily scrape the peel off and a microplane to finely grate the ginger.
- Chop the onions. Use both the white and green parts.
- Mince the garlic. Use a knife or garlic press.
- Add all ingredients to a bowl and whisk. Keep whisking until the sugar is dissolved.
- In medium bowl, whisk ingredients together until sugar is dissolved. Cover and refrigerate until use
marinade the ribs :
- Arrange ribs in shallow pan/dish. Reserve 3/4 cup of marinade in separate container--cover and refrigerate. Pour remaining 1-3/4 cups marinade over meat, toss to coat all sides, cover meat and allow to marinate in refrigerator at least 2 hours and as long as overnight--longer is better, if you have the time. (Alternatively, ribs can marinate in a large plastic Ziploc bag.)
- Remove ribs from marinade, shaking off extra liquid. Cook ribs on hot grill or under oven broiler for 3-4 minutes on each side. They should be nicely browned on the outside, but still slightly pink inside and juicy. Let rest 5 minutes before serving.
- Serve extra marinade/sauce on the side to drizzle more over ribs, if desired. Sauce is also good drizzled over steamed rice or vegetables.
- To reheat leftover ribs: Preheat oven to 375 degrees F, arrange ribs on a baking sheet in a single layer, heat uncovered 8-10 minutes, just until heated through.
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