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!
Whole30 Sloppy Joe Bowls
Those fun sandwiches you grew up eating suddenly have taken an adult approach, without losing their coolness. Because I really can’t afford to lose any more cool on my coolness chart. At first it was turning 30, then having two kids, then rarely doing my hair and makeup, THEN driving a mommy mobile (it’s not a minivan…but still).
I’m not knocking minivans – I have friends that swear they are the greatest thing since electricity. But I just can’t do it. I’ll stick with my SUV, unless they make a mini van with flames down the sides and pink tinted windows.
The again, that’s kind of creepy, pedophile material. See? Even when I dream about being cool it fails miserably. But when I dreamed up a bowl of sloppy joe goodness, that is whole30 compliant and hearty enough for the biggest of appetites, I said to myself, “I may not be cool, but I can cook – and that’s good enough for my husband to never leave me and for my kids to survive.” Especially when I serve these Whole30 sloppy joe bowls.
A delicious and kid-friendly recipe on a classic – these Whole30 Sloppy Joe Bowls are the perfect healthy comfort food. Easy to make, easy to devour.
Ingredients
- 1 lb ground beef
- 1/2 cup chopped onion
- 3/4 cup chopped green pepper
- 1 8oz can tomato sauce
- 1 tablespoon tomato paste
- 1 1/2 tablespoons apple cider vinegar
- 1 tablespoon dijon mustard
- 1/2 teaspoon minced garlic
- 1/2 teaspoon dried parsley
- 1/2 teaspoon salt
- 5 medjool dates, pitted
- 2/3 cup water (reserved)
- russet potatoes (one per person)
Instructions
- Brown the ground beef in a large pan over medium-high heat and add the onion. Drain any excess grease
- Reduce the heat to medium and add the green pepper, apple cider vinegar, dijon mustard, garlic, dried parsley, and salt. Mix well
- Meanwhile, in a separate small pot, bring 2/3 cup of water to a boil and add the dates. Boil 30-60 seconds, just long enough to soften the dates. Remove the dates from the pot (reserving the water for later)
- Place the dates into a food processor or blender, then add tomato sauce and tomato paste. Blend well then add to the ground beef
- Add 2 tablespoons of the reserved date water to the pan of beef
- Wash and dry a russet potato. Poke the potato with a fork or knife a few times, then microwave for 5-7 minutes, until potato is soft inside
- Serve sloppy joe mixture on top of baked russet potato and garnish with green onions
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