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!
Baked Garlic Parmesan Pork Chops
Baked Garlic Parmesan Pork Chops is one of those everyone-should-know-how-to-make recipes and somehow still rivals a restaurant-quality meal. It’s easy, juicy and delicious and comes together quickly. In fact, it’s hard to mess up!
Ingredients
- 4 boneless pork chops, 1" thick
- ½ cup parmesan cheese, grated
- ¼ cup Italian seasoned dry bread crumbs
- ½ tsp dried parsley
- ½ tsp black pepper
- ½ tsp garlic powder
- olive oil
Instructions
- * If brining the pork chops: place the 4 tablespoons of salt into a shallow dish big enough to fit the chops in a single layer. Add boiling water. Stir to dissolve salt. Add cold water. Stir. Add pork chops. Cover and refrigerate for 30 minutes to 4 hours.
- Preheat oven to 400 degrees.
- Combine bread crumbs, seasoning and parmesan cheese on a plate.
- Pat dry each chop with paper towels and rub each with olive oil and dredge in the coating.
- Press the mixture over the pork chops to make sure they are well covered in it.
- Heat a large (oven safe) skillet over high heat.
- Pour olive oil to coat. Add pork chops to the pan and cook for 3- 4 minutes, until golden brown on one side.
- Flip the pork chops, and immediately place the skillet in the oven. Cook for 15-20 minutes.
- Chops will get browned, but You can also finish them off under the broiler for a minute or two to get them extra browned on top.
- Serve immediately with a veggie like these delicious fresh broccoli that I steamed.
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