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!
Pepper Steak with Onions
Pepper steak. Tender and juicy slices of steak, mixed with pepper and lots of onion. We, more than often have pepper steak for dinner, and I’ll show you how to make it an unforgettable meal.
Pepper steak is a great dinner, it is quick to prepare, and you don’t have to spend a lot of money on an expensive cut of steak. The spices and the vegetables used to create a delicious flavor that will wrap each slice of steak.
Serve pepper steak with mashed potato or rice (brown or white) on the side. No matter what you do, do not use frozen pepper in making pepper steak. The frozen pepper will turn out soggy and will ruin the taste of the sauce. You need that crunch in your pepper, so please always use fresh peppers when making pepper steak.
Pepper Steak. Fabulous easy recipe with sautéed, peppers, onions, and juicy steak strips. Serve with mashed potato or plain rice.
Ingredients
- 1 lbs chuck steak cut into medium slices
- 1 large onion cut into medium strips
- ½ green bell pepper cut into medium strips
- ½ red bell pepper cut into medium strips
- 1 leveled teaspoon black pepper
- Salt to taste
- 2 cup water
- 3 tablespoon oil
FOR THE SAUCE
- 3 tablespoon soy sauce I used low sodium
- 1 tablespoon cornstarch
- 1 tablespoon sugar
- ½ cup water
- ½ teaspoon onion powder
- ½ teaspoon garlic powder
- ¼ teaspoon ginger powder you can use fresh
Instructions
- In a pan, add three tablespoon oil and fry the chuck in two batches until brown on both sides. Remove and keep aside.
- In the same oil fry the onion until translucent. Remove and keep aside.
- In the same pan, fry the bell peppers for few seconds and keep aside.
- Add the fried chuck back to the pan, Season the chuck with salt and black pepper. Add two cups water and let it cook on medium heat for 45 minutes or until the meat is tender. Add water if the meat is still tough and continue cooking.
- When the meat is cooked add the onion and bell pepper.
- Mix the sauce ingredients and pour over the steak, stir until the sauce thickens.
- Serve hot.
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