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!
THE PERFECT CROCK POT ROAST
THE PERFECT CROCK POT ROAST
The Perfect Crock Pot Roast really is my Momma’s recipe that I grew up on. I have tried TONS of roast recipes, and even though I have tried some pretty fantastic recipes, this has always been my favorite.
THE PERFECT CROCK POT ROAST RECIPE
Prep Time 5 mins
Cook Time 8 hrs
Total Time 8 hrs 5 mins
This is a tried and true roast recipe that I have enjoyed since my childhood!
Course: Main
Servings: 4 -6 servings
Author: Aunt Lou
Ingredients
- 2-3 lb beef roast
- 5-6 potatoes peeled and sliced into wedges
- 1 bag of baby carrots
- 2 medium onions halved
- 2 pkgs brown gravy mix
- 2 c water
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Instructions
- Spray your crock pot with cooking spray
- Place your roast in your 6- quart crock pot (I used my Hamilton Beach Programmable Insulated Slow Cooker.)
- Surround your roast with your potato wedges, onion halves and carrots
- Mix together one of your brown gravy mixes with 1 c cold water
- Pour over your roast and veggies
- Cover and cook on low for 8-10 hours (total)
- An hour before serving, mix together your remaining brown gravy mix and 1 c cold water
- Pour over roast and veggies
- Cover again for the last hour of cooking.
- Recipe Notes
- We used brown gravy mix in this recipe.
- I made up The Perfect Crock Pot Roast in good ol' Sir Hamilton (my Hamilton Beach Programmable Insulated Slow Cooker). Your favorite 5-6 quart slow cooker will work great as well.
- Check out our favorite Slow Cookers, Pressure Cookers, Multi-Cookers and Air Fryers in our Amazon Influencer Shop.
- We now have an Instant Pot (Electric Pressure Cooker) version of this recipe too! Check it out here: Perfect Instant Pot Roast
- As with any of our recipes, calorie counts and nutritional information varies greatly depending on which products you choose to use when cooking this dish.
- All slow cookers cook differently, so cooking times are always a basic guideline and should always be tested first in your own slow cooker and time adjusted as needed.
