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!
Outback Bloomin’ Onion Petals (Copycat)
Outback Bloomin’ Onion Petals taste just like the popular recipe! Pair them with the Bloom Sauce and everyone will be begging for more!
Making Outback Bloomin’ Onion Petals at home is so easy! I like making the actual spread apart onions too, just like from Outback, but I LOVe making these because they are NOT complicated at all! You don’t have to worry how you cut the onion or if it’s going to fall apart. Plus, I love these because they are really the perfect one bite snack!
To make the Outback Bloomin’ Onion Petals all you need to do is mix together a bowl of dry ingredients, and then a bowl of wet ingredients. Once you have the onions cut up, you dip them individually into the wet batter, then into the dry ingredients, and then repeat that. Yes, you want to coat them TWICE. This makes it so the batter really sticks to the onions and you don’t lose it all when you are frying it…that would be tragic.
Outback Bloomin' Onion Petals taste just like the popular recipe! Pair them with the Bloom Sauce and everyone will be begging for more!
Ingredients
Wet batter
Dry batter
- 1 cup flour
- 1 1/2 tsp paprika
- 1 tsp salt
- 1 tsp cayenne pepper
- 1/2 tsp black pepper
- 1/2 tsp garlic powder
- 1 1/2 tsp oregano
- 1 1/2 tsp cumin
- 3-4 small onions
- 4-6 cups vegetable oil , or other frying oil
Instructions
- Mix all your wet ingredients in a medium bowl.
- Mix all your dry ingredients in a small shallow bowl.
- Slice the ends off your onions, then cut them in half. Slice the onions into 1 inch petals and set aside.
- In a large frying pot, add oil and heat over medium heat for about 5 minutes or until hot and lightly rippling.
- To coat your onions, dip into the wet batter, then the dry batter, then back into the wet, and dry again. set aside and repeat for all petals.
- Drop them into the hot oil and let them fry for 3-4 minutes, then carefully turn them over if needed. Remove from oil and place onto a paper towel lined plate.
- Repeat for all the onions.
- Serve immediately with Bloom Sauce.
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