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!
Cuban Mojo Marinated Pork (Lechon Asado)
Cuban Mojo Marinated Pork (Lechon Asado)
A traditional Cuban roasted pork recipe that is very simple, yet packed with tons of flavor! There is nothing to this pork except an amazing marinade, but it is honestly some of the best meat I’ve ever put in my mouth. Just look at that crust!
Ingredients
- 3/4 cup extra-virgin olive oil
- 1 tablespoon orange zest
- 3/4 cup fresh orange juice
- 1/2 cup fresh lime juice
- 1 cup cilantro, finely chopped
- 1/4 cup lightly packed mint leaves, finely chopped
- 8 garlic cloves, minced
- 1 tablespoon minced oregano (2 teaspoons dried oregano)
- 2 teaspoons ground cumin
- Kosher salt and pepper
- 3 and 1/2 pounds boneless pork shoulder, in one piece*
Instructions
- If you have a food processor: Add the orange juice, cilantro leaves, mint leaves, and smashed (not minced) garlic cloves, and pulse until everything is finely chopped. Add this mixture to a ziplock bag, along with the rest of the oil, zest, lime juice, oregano, and cumin.
- If you don't have a food processor: In a large ziplock bag, combine olive oil, orange zest, orange juice, lime juice, chopped cilantro, chopped mint, minced garlic, oregano, and cumin. Shake it around a bit to mix it up, then add the pork shoulder.
- Place the zipped up bag in a baking dish, and put it in the fridge overnight, or several hours at least.
- Preheat oven to 425 degrees F. Place a wire rack (I used a cooling rack) over a rimmed baking sheet.
- Place the pork on the rack and discard the marinade. Salt and pepper the pork well.
- Roast the pork for 30 minutes. It should be lightly browned.
- Turn the oven down to 375 degrees F. Roast for another 1 hour and 20-30 minutes, or until a meat thermometer reads 160.
- Transfer to a cutting board, cover with aluminum foil and let rest at least 20 minutes.
- Carve against the grain and serve.
Recipe Notes
*I accidentally grabbed a bone-in pork shoulder. Worked great!
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