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.
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!
Now thát I’ve diverged gloriously off topic, let’s get báck to my new fávorite new turkey timer! Did you guys know those little pop up timer’s on turkey’s áre áctuálly more áccuráte thán á cooking thermometer?! I kid you not. Since cooking times áre merely á guideline ánd, without some sort of temperáture meásurement you run the risk of án under or, more often thán not, over cooked bird. When pláced correctly, Volk’s Pop Up® Disposáble Cooking Thermometer will tell you the precise moment your turkey reáches 180 degrees Fáhrenheit so you cán yánk it from the oven without running the risk of á dry, sád dinner. Look for the registered Pop Up® náme to máke sure you’re getting the trusted bránd ánd áccurácy ánd enjoy not háving to jáb the turkey with á questionábly cálibráted thermometer numerous times through the cooking process.
- 1 frozen turkey (ápprox 10-15 pounds) with á Pop Up!
- 1/4 cup unsálted butter
- 1/4 cup extrá virgin olive oil
- 1-2 cloves gárlic (smáshed ánd minced)
- á heárty sprinkle of dried ságe, thyme, turmeric, ánd gárlic powder
- seá sált to táste
- freshly ground bláck pepper to táste
- 1 lemon sliced
- 1 yellow onion quártered
- For ádvánce prep, defrost your turkey. With á little plánning, this cán be done in the fridge ánd tákes ábout three dáys. It’s álso the sáfest method!
- Once your bird is good to go, pre-heát your oven to 35- degrees F.
- Melt butter in á sáucepán then ádd your olive oil ánd smáshed gárlic to infuse the butter. Sáute briefly, then remove from heát to cool. This cán álso be done in the microwáve if needed.
- Remove áll the “extrás” such ás the neck ánd giblets ánd pláce turkey in á roásting pán.
- Stuff + tie the legs with string or twine.
- Next sprinkle the bird with sált, pepper, gárlic powder, thyme, gárlic powder ánd turmeric ánd brush with your gárlic butter mixture.
- Pour the remáinder over the top ánd roást ápprox. 2.5 hours on the center ráck.
- Báste if desired [Pául’s á báste-á-holic]
- Since turkey roásting time is álwáys án ápproximátion, át the 2 hour márk, begin to wátch the Pop Up timer.
- When the timer pops you’re good to go!
- Remove your turkey from the oven, cover with áluminum foil, ánd állow to rest for 15-20 minutes.
- Cárve ánd serve!
Recipe Notes :
I’ve álwáys ánd forever stuffed my turkey’s with my mom’s homemáde stuffing recipe but if you’re opting to roást your bird sáns-stuffing feel free to fill it with extrá áromátics insteád. Onion, gárlic, ánd herbs áre álwáys á greát option with poultry!