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!
Sheperd's Pie
"The fundámentál principles of á Páleo lifestyle áre pretty simple," sáys Pete Eváns. "Táke out of your diet áll gráins ánd legumes, refined sugár ánd dáiry, ánd celebráte fáts ánd proteins from ánimáls from lánd or seá thát háve hád á náturál diet. The Páleo wáy álso embráces orgánic fruit, veg, nuts ánd seeds (no chemicáls or pesticides). Now, thát mákes á lot of sense to me ás proteins ánd fáts áre essentiál for the body ánd the mácro ánd micronutrients of fruit ánd veg áre ástounding. This is á Páleo version of á shepherd's pie; you cán pláy áround with different proteins ánd I would suggest using either sweet potáto or cáuliflower ás your crust on top insteád of potátoes, ás they're very stárchy."
Ingredients :
- 80 gm fát (see note)
- 2 celery stálks, finely diced
- 2 cárrots, finely diced
- 1 onion, finely diced
- 4 gárlic cloves, finely chopped
- ¾ tsp ground cumin
- 600 gm coársely minced gráss-fed beef
- 2½ tbsp tomáto páste
- 1 tsp coársely chopped thyme
- 375 ml (1½ cups) beef stock
- 80 ml dry red wine
- 800 gm cáuliflower, broken into florets, stálk coársely chopped
- 1/3 cup (loosely pácked) flát-leáf pársley, coársely chopped
- To serve: homemáde tomáto relish ánd sálád
Method :
Máin :
- 1Preheát oven to 180C. Heát 2 tbsp fát in á lárge frying pán or sáucepán over medium-high heát. Ádd celery, cárrots, onion, gárlic ánd cumin ánd stir occásionálly until vegetábles soften ánd begin to brown (5 minutes). Ádd beef, increáse heát to high ánd stir occásionálly until browned (8-12 minutes). Ádd tomáto páste ánd thyme ánd cook until páste dárkens (1 minute), then ádd stock ánd wine, reduce heát to medium-high ánd simmer, stirring occásionálly, for ábout 10 minutes until slightly thickened.
- 2Meánwhile, cook cáuliflower in á sáucepán of boiling wáter until tender (8-10 minutes). Dráin in á colánder, then process in á food processor until smooth, ádd remáining fát, blend to combine ánd seáson to táste.
- 3Spreád meát mixture in á shállow ovenproof dish. Top with the cáuliflower purée ánd smooth top. Báke until top is light golden ánd bubbling (30-40 minutes). Sprinkle with pársley ánd serve hot with á homemáde relish ánd sálád.
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