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!
15-Minute Lemon Garlic Butter Steak with Zucchini Noodles
15-Minute Lemon Garlic Butter Steak with Zucchini Noodles — So much flavor and nearly IMPOSSIBLE to mess up! Delicious juicy marinated steak and zucchini noodles cook up together in just one pan for a quick low carb meal you’ll be crazy about. The marinade helps to tenderize and infuse the steak with savory flavor and links up the cooking juices into a sauce worth sipping by the spoon!
INGREDIENTS LIST FOR THE LEMON GARLIC BUTTER STEAK STEAK AND ZUCCHINI NOODLES
- 1 1/2 lb (650g) flank steak, sliced against the grain
- 4 medium zucchini
- 2 tablespoons olive oil
- 4 garlic cloves, minced
- 2 tablespoons butter or ghee
- 1 lemon, juice and zest
- 1/4 cup (60ml) low-sodium chicken broth
- 1/4 cup chopped parsley
- 1/4 teaspoon crushed red pepper flakes
- Salt and fresh cracked pepper, to taste
The steak marinade
- 1/3 cup low-sodium soy sauce (or coconut amino if you’re strictly paleo)
- 1/4 cup lemon juice
- 1/2 cup olive oil
- 1 tablespoon Sriracha sauce (or any hot chili sauce you like)
DIRECTIONS
BACK TO INGREDIENTS ↑
- Combine the ingredients for the marinade in an airtight container or a Ziploc bag. Add the steak strips into the marinade, seal and allow to marinate in the refrigerator for 30 minutes to one hour.
- In the meantime, wash and trim the ends of the zucchini. Using a spiralizer, make the zucchini noodles, then set aside.
- Bring the steak to room temperature and heat oil in a large skillet over medium-high heat — reserve the juices of the marinade for later. Add the steak strips in one layer and season with salt and pepper. Cook for one minute without stirring.
- Add minced garlic, then stir the steak for another minute or two to cook the other side. Remove the steak from the skillet and set aside to a plate.
- In the same skillet, add butter, lemon juice and zest, red pepper flakes, chicken broth, and remaining marinade juices. Bring to a simmer and allow to reduce for 2-3 minutes, stirring regularly.
- Stir in the fresh parsley, then add the zucchini noodles and toss for two to three minutes to cook it up. Allow the cooking juices to reduce for one minute if the zucchini renders too much water. Add the steak strips back to the pan and stir for another minute. Serve immediately. Enjoy!
Notes:
Instead of broth, you can enrich the dish with dry white wine.
You can also cook your steak whole to the desired doneness, have it rest for a couple of minutes, then cut into strips afterward.
Zucchini tends to render a lot of water when cooking, so you can sprinkle with salt after spiralizing and allow to sit for a couple of minutes to take off excess water. Rinse well to get rid of salt and drain thoroughly in a colander before cooking.
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