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!
Slow Cooker Beef Stroganoff
Slow Cooker Beef Stroganoff
Slow cooker beef stroganoff is one of the best crock pot recipes I have ever made! This homemade creamy stroganoff is a fill-you-up, classic comfort food dinner, no canned soup required.
We’re kicking it old school with Slow Cooker Beef Stroganoff from scratch. This recipe is notable both for what it does offer—all the creamy, cozy flavor of the classic recipe, lightened up with a few healthy ingredient swaps and made easier in the crock pot—as well as for what it doesn’t. This crock pot beef stroganoff is made without canned soup, please and thank you!
The BEST recipe for Slow Cooker Beef Stroganoff from scratch! Healthy version without the canned soup. EASY, creamy crockpot recipe with steak, mushrooms, and Greek yogurt instead of sour cream.
Ingredients:
- 1 1/2 pounds boneless sirloin steak, cut into thin (1/2-inch-thick) 2-inchx1-inch strips
- 1 teaspoon kosher salt
- 1 teaspoon dried dillweed
- 1/2 teaspoon ground black pepper
- 1/2 teaspoon garlic powder
- 1/2 teaspoon onion powder
- 16 ounces cremini (baby bella) mushrooms, sliced
- 1 1/2 cups low-sodium beef broth, divided
- 3 tablespoons Worcestershire sauce
- 1 tablespoon Dijon mustard
- 1/4 cup cornstarch
- 1 cup plain whole milk Greek yogurt (do not use nonfat or it will curdle)
- 8 ounces whole wheat egg noodles (penne, rotini, or similar noodles work well also)
- Fresh parsley or thyme, optional for serving
Directions:
- Grease the bottom of a 6-quart or larger slow cooker with nonstick spray. Add the sirloin and sprinkle with salt, dill, black pepper, garlic powder, and onion powder. Stir to coat the meat.
- Add the mushrooms, 1 cup beef broth, Worcestershire, and Dijon. Cover and cook on high for 2 to 3 hours or on low for 5 to 7 hour, until the beef is cooked through and tender. (If you prefer firmer mushrooms, wait to add them until about halfway through the cook time.)
- Stir the cornstarch together with the remaining 1/2 cup broth to create a slurry. Stir the mixture into the slow cooker. Cover and cook on high for 20 minutes, and then stir in the Greek yogurt. Re-cover and cook on high for an additional 10 minutes.
- While the stroganoff finishes cooking, cook the noodles according to package instructions. Stir into the slow cooker or pile separately into bowls and ladle the stroganoff over the top. Serve immediately, topped with fresh thyme or parsley as desired.
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