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!
Korean Radish Soup ( Muguk )
Korean radish, mu (무),
tastes best during late fall and winter. They are juicy and slightly sweet. Buy
one that is firm and heavy.
I used a quick method that’s common in Korean cooking to make a
beef soup base. See another method in my tteokguk (떡국)
recipe. The thinly sliced beef is seasoned with Korean soup soy sauce and sautéed before being boiled in water. The result is a broth with deep
flavors that deliciously complements the white radish .
Ingredients
· 12 ounce Korean radish mu
· 2 scallions
· 6 ounce beef brisket or chuck
· 2 teaspoons minced garlic divided
· 1 teaspoon sesame oil
· 2 tablespoons Korean soup soy sauce guk ganjang, 국간장 (see note)
· salt and pepper to taste
Instructions
1.
Cut the beef into thin bite size pieces (1 to 1 1/2 inch).
Marinate with 1 tablespoon of soup soy sauce, 1 teaspoon of garlic, a pinch of
pepper, and 1 teaspoon of sesame oil. Set aside.
2.
Cut the radish into bite size pieces (1 to 1 1/2-inch square,
about 1/4-inch thick). Cut the scallions into 1 to 1 1/2-inch pieces.
3.
In a medium pot, sauté the beef until all the pieces turn brown.
Pour in 8 cups of water and bring it to a boil. Skim off the foam. Reduce the
heat to medium high and continue to boil, covered, for 10 minutes.
4.
Add the radish pieces and boil, covered, until the radish turns
translucent and soft, 10 to 15 minutes. Stir in the remaining teaspoon of
the garlic, scallions, and the remaining tablespoon of the soup soy sauce. The
soup should not look too dark. Taste for salt and pepper. Boil for an
additional 5 minutes.
Recipe Notes
Do not substitute with regular soy sauce. It will be too sweet
and dark. A better substitute is fish sauce, which is sometimes used in Korean
soups.
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