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!
Garlic Butter Steak and Potatoes Skillet
Garlic Butter Steak and Potatoes Skillet – This easy one-pan recipe is SO simple and SO flavorful. Juicy steak and crisp-golden potatoes are pan-seared and cooked to perfection with a luscious garlic, herbs and butter sauce. The thing we love with flank is that it’s a lean, yet soft cut of beef, meaning this recipe is nearly impossible to mess up. Ready in 30 minutes or less, this is the best steak and potatoes you’ll ever have!
INGREDIENTS LIST FOR THE STEAK AND POTATOES
- 1 1/2 lb (650g) flank steak, sliced against the grain
- 1 1/2 lb (650g) baby yellow potatoes, quartered
- 1 tablespoon olive oil
- 3 tablespoons butter, divided
- 5 garlic cloves, minced
- 1 teaspoon fresh thyme, chopped
- 1 teaspoon fresh rosemary, chopped
- 1 teaspoon fresh oregano, chopped
- Salt and fresh cracked pepper
- Crushed red chili pepper flakes, optional
The marinade
- 1/3 cup soy sauce (or coconut amino if you’re strictly paleo)
- 1 tablespoon olive oil
- 1 tablespoon hot sauce (we used Sriracha)
- Fresh cracked pepper
DIRECTIONS
1. In a large bowl, combine the steak strips with soy sauce, olive oil, pepper, and hot sauce. Set aside to marinate while you cook potatoes.
2. In a large skillet over medium-high heat, mix 1 tablespoon olive oil and 1 tablespoon butter. When butter is melted, add potatoes. Cook for about 4 minutes, stir and cook an additional 4-5 minutes until potatoes are golden and fork tender. Transfer to a plate and set aside.
3. Keep the same skillet over medium heat and add remaining 2 tablespoons butter, garlic, red chili pepper flakes, and fresh herbs. Lay the steak strips in one layer in the skillet, keeping the drained marinade for later. Cook on each side for 1 minute each, until nicely browned – adjust timing depending on how you like your steak.
4. Right before the steak is done, you can stir in the reserved marinade if you like, and cook for one minute. Add the potatoes back to the pan and heat through. Adjust seasoning with salt and pepper if necessary.
5. Remove from heat and serve immediately, garnished with more crushed chili pepper, fresh herbs, and a sprinkle of parmesan cheese over the potatoes if you like. Enjoy!
Note: You can precook the potatoes in boiling salted water for 8 minutes before browning them. This will accelerate cooking time in the skillet and ensure a nice golden crust on the potatoes.
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