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!
Pulled Pork Mac and Cheese
This pulled pork mac and cheese is packed full of sharp cheddar cheese and lots of slow is or instant pot pulled pork. For added flavor, I drizzled the top with even more BBQ sauce.
Welcome to the first official mac and cheese recipe of Mac & Cheese Mania! I’m so pumped about this pulled pork mac and cheese. It’s crazy delicious and it’s the perfect mix of cheesy to meaty goodness.
This pulled pork mac and cheese is packed full of sharp cheddar cheese and lots of slow cooker or instant pot pulled pork. For added flavor, I drizzled the top with even more BBQ sauce.
INGREDIENTS:
For pulled pork:
- 4 pound boneless pork shoulder, fat trimmed
- 1 yellow onion, sliced
- 1 (12 ounce) can ginger beer/ale (I like to use Vernors)
- 1-2 cups BBQ sauce
For mac and cheese:
- 1 pound elbow macaroni
- 2 tablespoons unsalted butter
- 2 tablespoons flour
- 2 cups whole milk, warmed
- 4 cups shredded sharp cheddar cheese
- In a 6 quart slow cooker add pork shoulder and yellow onion. Pour in ginger ale and cook on low for 5 hours.
- If you want to use your instant pot add your pork shoulder, yellow onion, and ginger ale to the Instant pot. Do manual time for 75 minutes and natural release. After it's been released follow the below directions.
- Once the pulled pork is tender and can easily be shredded with a fork it's ready.
- Pull the pork roast out of the slow cooker or instant pot, add to a large plate and shred with two forks.
- Pour out the juice from the slow cooker or Instant pot and add shredded pork back to the slow cooker or Instant pot. Add in 1 cup BBQ sauce and stir. Add more BBQ sauce if desired or needed. You want the meat to be coated but not dripping with sauce. Cover to keep warm while you prepare the mac and cheese.
- Preheat oven to 350 degrees and spray a 9x13 casserole dish with non-stick spray.
- Bring a large pot filled with salted water to a boil over high heat.
- Add in elbow macaroni and cook just until al dente following box directions. Drain pasta and set aside while you prepare the cheese sauce.
- Add a large skillet over medium heat and add butter. Once the butter is melted whisk in flour.
- Slowly whisk in milk until smooth. Reduce the heat to low and whisk slowly until the sauce becomes thick and creamy.
- Stir in the shredded cheese and stir until completely melted. Turn off the heat and stir in macaroni.
- Add macaroni and cheese to the prepared dish and top with pulled pork. Sprinkle on a little extra cheese if desired.
- You will have leftover pulled pork so don't be concerned if it does not all get used.
- Bake for about 15 minutes just to help warm the mixture through.
- Drizzle with extra BBQ sauce if desired.
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