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!
Boneless Pork Chops in Creamy Garlic Spinach Sauce
Creamy Garlic Spinach Pork Chops — A delicious meal for all of your family and friends to enjoy! These pork chops in a creamy garlic butter sauce are low in carbs, easy to prepare in a single skillet and ready in less than 30 minutes. You love the spinach touch in the cream – Enjoy!
INGREDIENTS LIST FOR THE PORK CHOPS
- 3 pork chops, boneless
- Salt and fresh cracked pepper, to taste
- 1 teaspoon paprika
- 2 teaspoons olive oil
- 2 tablespoons butter
- 6 cloves garlic, finely minced
- 1 small yellow onion, minced
- 1/3 cup vegetable or chicken stock
- 1 3/4 cups half and half or heavy cream
- 3 cups baby spinach
- 1 teaspoon Italian seasoning
- 1 teaspoon crushed red chili pepper flakes, optional
- 1/4 cup fresh grated Parmesan cheese, optional
- Fresh chopped parsley
DIRECTIONS
1. Heat the oil in a large skillet over medium-high heat. Season the pork chops on both sides with paprika, salt and pepper, and sear in the hot pan, for 3-5 minutes on each side depending on the thickness, or until cooked to your liking. Once done, remove pork chops from the pan and set aside.
2. Melt butter in the remaining cooking juices in the same pan. Add garlic, onion, Italian seasoning, and red crushed chili pepper and stir-fry until fragrant, about one minute. Add in the vegetable or chicken stock, and allow to reduce a little.
3. Reduce heat to low heat, add the half and half (or heavy cream), and bring to a gentle simmer. Adjust seasoning with salt and pepper.
4. Add the spinach leaves and allow to wilt in the sauce, and stir in the parmesan cheese (if using). Allow sauce to simmer for a further minute until cheese melts through the sauce.
5. Transfer the pork chops back into the pan to reheat; sprinkle with the parsley, and spoon the sauce over each pork chops. Serve over steamed vegetables, zucchini noodles or cauliflower rice. Enjoy!
Note: You can use dry white wine instead of vegetable stock if you prefer.
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