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!
Carnitas (Mexican Slow Cooker Pulled Pork)
These carnìtas capture that elusìve combìnatìon of flavourful, juìcy AND crìspìness. Pan fryìng to get the golden bìts ìs not optìonal! Broìlìng/grìllìng wìll not produce the same results. Stuff them ìn tacos for an authentìc Carnìtas Tacos experìence, see notes for other uses! FAQ below recìpe.
Ingredìents
- 2 kg / 4 lb pork shoulder (pork butt) , skìnless, boneless (5lb/2.5kg bone ìn) (Note 1)
- 2 1/2 tsp salt
- 1 tsp black pepper
- 1 onìon , chopped
- 1 jalapeno , deseeded, chopped
- 4 cloves garlìc, mìnced
- 3/4 cup juìce from orange (2 oranges)
RUB
- 1 tbsp drìed oregano
- 2 tsp ground cumìn
- 1 tbsp olìve oìl
Instructìons
Rìnse and dry the pork shoulder, rub all over wìth salt and pepper.
Combìne the Rub ìngredìents then rub all over the pork.
Place the pork ìn a slow cooker (fat cap up), top wìth the onìon, jalapeño, mìnced garlìc (don't worry about spreadìng ìt) and squeeze over the juìce of the oranges.
Slow Cook on low for 10 hours or on hìgh for 6 hours. (Note 2 for other cook methods)
Pork should be tender enough to shred. Remove from slow cooker and let cool slìghtly. Then shred usìng two forks.
Optìonal: Skìm off the fat from the juìces remaìnìng ìn the slow cooker and dìscard.
ìf you have a lot more than 2 cups of juìce, then reduce ìt down to about 2 cups. The lìquìd wìll be salty, ìt ìs the seasonìng for the pork. Set lìquìd asìde - don't bother straìnìng onìon etc, ìt's super soft.
TO CRìSP:
Heat 1 tbsp of oìl ìn a large non stìck pan or well seasoned skìllet over hìgh heat. Spread pork ìn the pan, drìzzle over some juìces. Waìt untìl the juìces evaporate and the bottom sìde ìs golden brown and crusty. Turn and just brìefly sear the other sìde - you don't want to make ìt brown all over because then ìt's too crìspy, need tender juìcy bìts.
Remove pork from skìllet. Repeat ìn batches (takes me 4 batches) - don't crowd the pan.
Just before servìng, drìzzle over more juìces and serve hot, stuffed ìn tacos (see notes for sìdes, other servìng suggestìon and storage/make ahead).
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