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!
Slow Cooker Taco Soup
This slow cooker taco soup with ground beef is so easy - and SO GOOD! Perfect for busy weeks and flexible cooking times. Simple taco soup ingredients.
Photography Credit: Lisa Lin
A COLD-WEATHER FAVORITE
This slow cooker taco soup with ground beef is one of my favorite recipes to make in the slow cooker, especially in the fall and winter months.
The soup is so hearty and flavorful, and the beef gets so tender over the long hours of cooking. Let it cook all day and it just gets better.
HOW TO MAKE TACO SOUP
Note that you’ll need a few minutes to brown the beef before putting this soup into the slow cooker. Even briefly browning the beef gives it a better texture and flavor in the finished soup, and it also helps render out some of the fat before it goes into the slow cooker.
Since I’m already browning the meat, I also like to cook the onions a little bit. This draws out their sweet flavor.
You can brown the meat and onions a day or two ahead and keep them refrigerated until you’re ready to make the soup..
I love serving this soup with crushed tortilla chips for some crunch and also to complete the “taco” part of the soup. Add a healthy dollop of sour cream and it’s ready to eat!
BONUS TIPS!
- Want more spice? Make this soup more (or less!) spicy by adjusting the amount of chili powder. Start with an extra 1/2 teaspoon and work from there. You can also add a minced jalapeno or other spicy fresh chili.
- Make-ahead soup: This soup will last for up to a week in the fridge, so make a big batch for the whole week!
- Freezing this soup: This soup can also be frozen for up to three months. Reheat it over gentle heat on the stovetop or in the microwave. Wait to add things like tortilla chips and avocado slices until you’re ready to serve.
Slow Cooker Taco Soup Recipe
INGREDIENTS
- 1 tablespoon olive oil
- 1 pound (450g) lean ground beef
- 1 1/2 cups (180g) diced yellow or red onions
- 2 to 3 cups (475ml to 710ml) chicken or beef broth (use more if you want a thinner soup)
- 1 15-oz. (425g) can diced tomatoes
- 1 15-oz. (425g) can black beans, drained and rinsed
- 1 15-oz. (425g) can kidney beans, drained and rinsed
- 1 4-oz. (115g) can chopped green chiles
- 1 1/4 cups (135g) corn kernels, fresh or frozen
- 2 1/2 teaspoons chili powder
- 1 teaspoon ground cumin
- 1 teaspoon paprika
- 1 teaspoon salt
To serve:
- Tortilla chips, lightly crushed
- Sour cream
- Chopped cilantro
- Finely diced red onion
- Lime juice
- Chopped red onions
- 4-quart or larger slow cooker
METHODHIDE PHOTOS
1 Brown the beef with the onions (can be done a day or two ahead): Heat the olive oil in a large skillet or sauté pan over medium-high heat. Add beef and onions and cook 2 to 3 minutes, until the ground beef is browned but not completely cooked and the onions are starting to look soft around the edges. Use your spatula to break up the ground beef into smaller pieces as it cooks. Remove from heat and use immediately, or refrigerate for a day or two until needed.
2 Combine the browned beef, onions and the remaining soup ingredients in a slow cooker and stir. Cover and cook on low for 6 to 7 hours. It's fine if the soup cooks a little longer or the slow cooker switches to the "warm" setting.
3 Serve the soup: Serve soup in bowls and top with crushed tortilla chips, sour cream, cilantro, red onion and lime juice.
This soup will keep refrigerated for 1 week or frozen for up to 3 months.
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