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!
Pot Roast Beef Stroganoff
I am enjoying the cooler weather, especially being in the kitchen doing some long slow braised dishes like this pot roast beef stroganoff! In this dish the beef is slowly cooked until it’s so nice and tender that it literally melts in your mouth! In addition to making the beef meltingly delicious, this long cooking process also helps bring out a lot of amazing flavour! Speaking of flavour, the flavours of this dish are inspired by beef stroganoff, a dish consisting of beef, usually strips of steak cooked in a pan, along with a paprika, mushroom and sour cream sauce.
This pot roast version starts out by browning some stewing beef (I like Ontario Corn Fed Beef), like chuck, brisket, etc., in a pan, making the sauce and then adding broth to simmer everything in. You can easily make this meal in one-pan and it’s great simmer on the stove top, in the oven or even in the slow cooker! You can serve the pot roast beef stroganoff over egg noodles, rice or just eat a nice large bowl of it all by itself!
A homestyle comfort food pot roast take on beef stroganoff using slowly braised, fall apart tender, beef which is smothered in a super tasty, umami packed mushroom, onion, paprika and sour cream sauce!
ingredients
- 1 tablespoon oil
- 1 1/2 pounds Ontario Corn Fed stewing beef such as chuck, round, brisket, cut into 2 inch pieces
- salt, pepper and paprika to taste
- 1 onion, diced or sliced
- 8 ounces mushrooms, quartered or sliced
- 2 cloves garlic, chopped
- 2 teaspoons thyme, chopped (or 1 teaspoon dry thyme)
- 2 teaspoons paprika*
- 2 tablespoons flour (or rice flour for gluten-free)
- 1 cup beef broth
- 1 tablespoon dijon mustard
- 2 teaspoons worcestershire sauce
- 2 teaspoons fish sauce (or soy sauce or tamari)
- 2 teaspoons dried dill (optional)*
- 1/3 cup sour cream
- salt and pepper to taste
directions
- Heat the oil in a large pan over medium-high heat, add the beef (seasoned with salt, pepper and paprika) and cook until lightly browned, about 7-10 minutes per side, before setting aside.
- Add the onions and mushrooms and cook until the mushrooms have released their liquids, the liquids have cooked off and the mushroom start to caramelize and turn light golden brown, about 15-20 minutes.
- Add the garlic, thyme and paprika, sprinkle on the flour and cook until fragrant, about a minute.
- Add the broth and deglaze the pan by scraping up the brown bits from the bottom of the pan into the sauce with a wooden spoon.
- Add the beef, mustard, worcestershire sauce, fish sauce, and dill and either bring to a boil, reduce the heat and simmer, covered, until the beef is fall apart in your mouth tender, about 2-3 hours, OR transfer to a preheated 350F/180C oven and roast, covered, until the beef is tender, about 2-3 hours, OR transfer to a slow cooker and cook on low for 6-10 hours or on high for 3-5 hours.
- Remove from heat, mix in the sour cream and season with salt and pepper.
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