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!

Easy Balsamic Glazed Steak Tips and Mushrooms

Easy Balsamic Glazed Steak Tips and Mushrooms
When you usually sear meat, you don't want to crowd the pan so that the meat gets a chance to brown. With this recipe, however, crowding is a good thing. The marinade contains sugar, which contributes to browning but also can burn easily. Keeping the meat close together means that there's less opportunity for the marinade to drip off into the bottom of the pan and burn. And don't worry that the steak won't be flavorful because it doesn't brown as much — that's the job of the marinade.

(Image credit: Joe Lingeman)
Easy Balsamic Glazed Steak Tips and Mushrooms
Serves 4
Ingredients:
For the steak:
  • 1 1/2 pounds sirloin steak tips, flap meat, or flank steak, cut into 3-inch pieces
  • 1/4 cup tamari or soy sauce
  • 2 tablespoons vegetable oil
  • 2 tablespoons balsamic vinegar
  • 1 tablespoon granulated sugar
  • 2 cloves garlic, minced
  • 1 teaspoon Dijon mustard
  • 1/2 teaspoon kosher salt
  • 1/4 teaspoon freshly ground black pepper
For the mushrooms:
  • 2 tablespoons vegetable oil
  • 1 pound cremini mushrooms, halved or quartered if large
  • 2 tablespoons balsamic vinegar
  • 2 tablespoons unsalted butter
  • Coarsely chopped fresh parsley leaves, for garnish (optional)

Directions: 
  1. Marinate the steak: Place the steak in a single layer in a 9x13-inch baking dish or in a resealable gallon plastic bag; set aside. Whisk the remaining ingredients in a small bowl until the sugar is dissolved. Pour over the steak and turn the steak to coat. Cover the baking dish or seal the bag, and refrigerate at least 1 hour or up to 4 hours.
  2. Cook the steak and mushrooms: Heat the oil in a large frying pan over medium-high heat until shimmering. While the oil is heating, remove the steak from the marinade and pat dry with paper towels. Add the steak pieces to the pan (it's okay to crowd the pan as long as they're in a single layer) and sear until browned and the thickest piece registers 120°F to 125°F for medium-rare steak, 3 to 4 minutes on each side. (Or cook to 130°F to 135°F for medium steak, and 140°F to 145°F for medium-well steak — add a minute or two for every 10 degrees needed.) Transfer to a serving platter and set aside in a warm place or cover loosely with aluminum foil.
  3. Add the mushrooms to the pan and cook, stirring occasionally and adjusting the heat if needed, until tender, about 5 minutes — they will release a lot of liquid. Add the vinegar and simmer 1 minute. Remove from the heat, add the butter, and stir until melted and the sauce in the pan is glossy. Taste and season with salt and pepper as needed. Pour over the steak, top with the parsley if desired, and serve.
Recipe Notes
Storage: Leftovers can be stored in an airtight container in the refrigerator for up to 3 days.
Marinade: The marinade can be made and stored in an airtight container in the refrigerator for up to 2 days. Rewhisk before using.
full recipe: 

BERITA LENGKAP DI HALAMAN BERIKUTNYA

Halaman Berikutnya

Subscribe to receive free email updates:

ARTIKEL POPULER