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!
Best Steak Marinade Recipe
There is nothing like an awesome steak marinade recipe to start out your barbecue season. Fix this steak marinade and forget it until you are ready to BBQ, marinating your steak before cooking is the easiest way to get a full-flavoured steak. It is especially delicious when you BBQ the steak up, adding in that charcoal BBQ taste that we all know and love
Marinating your steak is good for many reasons and a steak marinade doesn't have to be a complex thing. You usually will want an oil and then mix it with other sauces ( like soy or Worcestershire sauce) to flavour it. There are many good reasons to marinate your steak.
- It helps flavour your steaks without you having to slather it in sugar laden BBQ sauce.
- It's lighter and healthier than most of the BBQ sauces out there.
- It uses olive oil which is good for you.
- Marinating steaks helps the meat fibers break down slightly which results in a more tender steak. Watch out for marinating too long however that can make your steaks go tough!
The Best Steak Marinade Recipe
This is a fabulously easy steak marinade! Fix it and forget it until the next day, then fire up the grill to BBQ!
Ingredients
- 4 steaks of your choice
- 1/2 cup olive oil
- 1 /2 cup soy sauce
- 1/4 cup Worchestershire Sauce
- 1 tbsp minced garlic
- 1 tsp onion powder
- 1 tsp dried rosemary
- 1-2 tsp brown sugar, to taste
Instructions
- Place steaks in a large lidded plastic container or a large sealing Ziploc bag.
- Whisk together the marinade ingredients.
- Pour the steak marinade over the steaks.
- Let marinate in the fridge for 2-8 hours.
- To cook, heat up the grill or barbeque. Remove the steaks from the marinade. Cook steaks until preferred doneness.
Recipe Notes
- Add in 1-2 tsp of lemon juice or white vinegar if you are wanting to break down the meat fibers in cheaper cuts of steak, but remember to not marinate them for too long or it will just toughen the meat.
- This is an easily adapted steak marinade recipe, you can adjust the taste to your liking! The nutritional info is the marinade ONLY!
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