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!
Honey Bourbon Steak Tips
Honey Bourbon Steak Bites are seared in a cast iron pan until charred on the outside but still juicy on the inside. They are both sweet and salty with the wonderful flavor of bourbon. This is one of my favorite ways to cook steak for dinner.
I like to use either filet mignon or ribeye for this recipe. Filet is good because it stays so tender and I love the flavor ribeye has due to its higher fat content.
I add some mushrooms to the pan at the end and they really soak up the flavor of the steak juices.The steak is cut into bite-sized pieces and marinated in honey, brown sugar, garlic, bourbon, soy sauce, and Worcestershire sauce, plus some red pepper flakes for a little heat.
The sugar and honey helps the steak bites develop those caramelized brown spots on the outside, making it taste like steak candy
- ⅓ cup honey
- ¼ cup packed light brown sugar
- ⅓ cup bourbon
- ¼ cup soy sauce
- ¼ cup Worcestershire sauce
- ½ teaspoon red pepper flakes
- 2 cloves garlic minced
- 2 pounds steak (rib-eye sirloin, or filet), cut into chunks
- 2 tablespoons vegetable oil
- 3 tablespoons butter divided
- 1 (6-ounce) package mushrooms cut in quarters
In a medium bowl, whisk together honey, brown sugar, bourbon, soy sauce, Worcestershire sauce, red pepper flakes, and garlic. Pour into a large ziptop bag. Add steak cubes and refrigerate for 2 to 4 hours.
Heat vegetable oil and 2 tablespoons butter in a cast iron pan over medium-high heat.
Add steak. You will probably need to cook it in two batches because you don't want to crowd the pan. Cook until seared on all sides. Remove from pan. Add remaining butter to pan and cook mushrooms until browned.
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