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!
Pressure Cooker Sticky Tamarind Baby Back Ribs
These gingery sweet-and-sour glazed ribs are tender and intensely flavored — and pretty much impossible to stop eating once you start. The sauce also works well on spare-ribs if you’d like to substitute those here. Just reduce the cooking time by a few minutes on the pressure setting, or as much as an hour if using the slow cooker setting.
INGREDIENTS
- 4 to 5 pounds baby back ribs
- 1 teaspoon kosher salt, plus more to taste
- ¼ cup tamarind paste or concentrate
- ¼ cup fresh orange juice (from about 1/2 orange)
- ¼ cup honey, plus more as needed
- 2 tablespoons soy sauce
- ¼ teaspoon grated lime zest
- 1 tablespoon fresh lime juice
- 1 star anise pod
- 2 tablespoons neutral oil, such as safflower or canola
- 4 small shallots, diced (about 1/3 cup)
- 1 ½ teaspoons grated peeled fresh ginger
- 2 garlic cloves, grated on a Microplane or minced
PREPARATION
- Cut the ribs into chunks of 2 or 3 ribs, depending on their size, and place them in a large bowl. Toss with 1 teaspoon salt, and set aside while you prepare the sauce.
- In a small bowl, combine the tamarind, orange juice, honey, soy sauce, lime zest and juice and star anise. Set aside.
- Using the sauté function, heat the oil in the pressure cooker. Stir in the shallots and cook until they are starting to brown, about 5 minutes. Stir in the ginger and garlic and cook until fragrant, another minute, then stir in the tamarind mixture. Bring to a simmer, and then scrape the sauce into the large bowl of ribs. Toss gently to combine.
- Arrange the ribs standing up along the outer edge of the pressure cooker, making a ring with the meat side of the ribs facing out. Continue with the remaining ribs, arranging them to make concentric circles. Pour any remaining sauce over the ribs, cover and cook on high pressure for 32 minutes. Allow the pressure to release naturally.
- Heat the broiler.
- Transfer the ribs, meat-side down, to a rimmed baking sheet. Turn the pressure cooker to the sauté function and cook to reduce the sauce until it’s thick, about 15 minutes; spoon the fat off the top when finished. Taste the sauce, and adjust the seasoning or add more honey if necessary; then brush the ribs with the sauce. Broil the ribs until they are charred in spots, 1 to 3 minutes. Then flip them over, brush with more sauce, and broil on that side until charred. Serve immediately, with more sauce on the side.
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