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!
STEAK AND BLUE CHEESE SALAD
This Steak and Blue Cheese Salad is perfect for a quick and easy weeknight meal!
This Steak and Blue Cheese Salad is so simple, quick and delicious! And, it’s healthy! Not only is this great for a quick weekday dinner, but it’ll be great when the temperatures are blazing hot outside this Summer. You know how it is. You really don’t want to cook … but, you still need to eat! It’s not a heavy meal and you can easily add things your family likes!
Steak and Blue Cheese Salad RecipeIngredientsFor the steak:- ⅓ cup olive oil
- 3 tbsp. red wine vinegar
- 2 tbsp. lemon juice
- 2 cloves garlic, minced
- ½ tsp. salt
- ⅛ tsp. ground black pepper
- 1 tsp. Worcestershire sauce
- 1 tsp. Dijon mustard
- 1-1½ lb. flank steak
For the dressing:- ⅓ cup olive oil
- 3 tbsp. red wine vinegar
- 2 tbsp. lemon juice
- 2 cloves garlic, minced
- ½ tsp. salt
- ⅛ tsp. ground black pepper
- 1 tsp. Worcestershire sauce
- 1 tsp. Dijon mustard
For the salad:- 8 cups romaine lettuce, rinsed, dried and torn into bite-sized pieces
- 1 container (10.5 oz.) grape tomatoes
- 1 small green pepper, seeded and cut into slices
- 1 large carrot, peeled and cut into slices
- ½ cup sliced red onion
- ¾ cup crumbled blue cheese
Instructions- In a large zip-top bag, combine all of the steak ingredients except the flank steak. Holding the top of the bag with one hand, gently squeeze the mixture with the other hand to combine. Place the flank steak in the zip-top bag, seal the bag squeezing out most of the air. Let the steak marinade for 30 minutes or up to 8 hours, turning the bag over at least once.
- Preheat a grill for high heat.
- Lightly oil the grate. Remove steak from marinade and place on grill, discarding marinade. Grill for 3-5 minutes per side, or until desired doneness is reached. Remove the steak from the grill to a cutting board and let rest for 7 minutes.
- Meanwhile, whisk together the salad dressing ingredients in a small bowl. Set aside.
- Once the steak has rested, cut the steak into thin slices. If desired, cut into bite-sized pieces.
- Divide the salad ingredients between 6 plates. Add pieces of beef. Top with a drizzle of the prepared dressing. Serve immediately!
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