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 Best Roast Potatoes Ever Recipe
These potatoes go so well with meat dishes. So here you go.... !
This post is going to be really short. I am sure that you’ll enjoy making this dish, pan roasted potatoes are not only delicious but look so good.
The Best Roast Potatoes Ever Recipe
Ingredients- Kosher salt
- 1/2 teaspoon (4g) baking soda
- 4 pounds (about 2kg) russet or Yukon Gold potatoes, peeled and cut into quarters, sixths, or eighths, depending on size (see note)
- 5 tablespoons (75ml) extra-virgin olive oil, duck fat, or beef fat
- Small handful picked rosemary leaves, finely chopped
- 3 medium cloves garlic, minced
- Freshly ground black pepper
- Small handful fresh parsley leaves, minced
Directions- Adjust oven rack to center position and preheat oven to 450°F/230°C (or 400°F/200°C if using convection). Heat 2 quarts (2L) water in a large pot over high heat until boiling. Add 2 tablespoons kosher salt (about 1 ounce; 25g), baking soda, and potatoes and stir. Return to a boil, reduce to a simmer, and cook until a knife meets little resistance when inserted into a potato chunk, about 10 minutes after returning to a boil.
- Meanwhile, combine olive oil, duck fat, or beef fat with rosemary, garlic, and a few grinds of black pepper in a small saucepan and heat over medium heat. Cook, stirring and shaking pan constantly, until garlic just begins to turn golden, about 3 minutes. Immediately strain oil through a fine-mesh strainer set in a large bowl. Set garlic/rosemary mixture aside and reserve separately.
- When potatoes are cooked, drain carefully and let them rest in the pot for about 30 seconds to allow excess moisture to evaporate. Transfer to bowl with infused oil, season to taste with a little more salt and pepper, and toss to coat, shaking bowl roughly, until a thick layer of mashed potato–like paste has built up on the potato chunks.
- Transfer potatoes to a large rimmed baking sheet and separate them, spreading them out evenly. Transfer to oven and roast, without moving, for 20 minutes. Using a thin, flexible metal spatula to release any stuck potatoes, shake pan and turn potatoes. Continue roasting until potatoes are deep brown and crisp all over, turning and shaking them a few times during cooking, 30 to 40 minutes longer.
- Transfer potatoes to a large bowl and add garlic/rosemary mixture and minced parsley. Toss to coat and season with more salt and pepper to taste. Serve immediately.
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