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!
POTATO KUGEL CUPS
This delicious potato kugel is based on my friend Lauren's recipe and she swears by using red-skin potatoes. The cup idea comes from my husband's best friend Adam's mom, Geanie (what a mouthful). Hubby remembers going to their house on Saturday nights and raiding the fridge for these cups. The best part about them is that every piece is a crusty corner piece, so nobody has to fight over that coveted crunch.
Make Ahead Tip: While potato kugel will be at its best made fresh (refrigeration or freezing will cause it to lose some crunch), you can make it ahead and even freeze it with these instructions.
1. Slightly under bake, cool completely , wrap tightly and freeze.
2. Thaw at room temperature, reheat, uncovered at 375°F for 10 minutes.
To get the best results from this kugel, use a great quality extra virgin olive oil, we love Colavita.
INGREDIENTS
- 1½ cups extra virgin olive oil, such as Colavita extra virgin olive oil
- 3 eggs
- 2 teaspoons kosher salt
- ½ teaspoon freshly ground black pepper
- 6 large Idaho potatoes
- 1 large onion, quartered
PREPARATION
1. Preheat oven to 425°F. Liberally oil six (4- to 6-ounce) glass dessert dishes or custard cups with 1 to 2 tablespoons of evoo each. Place custard cups on a baking pan.
2. Fill a large bowl with cold water and, as you peel potatoes, place them in cold water to prevent browning.
3. Place the pan of cups in 425°F oven to heat up the evoo.
4. Beat eggs in a small bowl. Add salt and pepper, mix well, and set aside.
5. Pour ¾ cup of evoo in a small saucepan and place over medium-low heat.
6. Cut potatoes lengthwise into halves or quarters so they fit into food processor feed tube. Process potatoes and onions using the blade that creates thin, shoestring-like strips.
7. Transfer potatoes and onions to a large bowl, add egg mixture and heated oil from stovetop, mix very well. Remove any large pieces of potatoes or onions that weren't processed properly.
8. Remove heated cups from the oven and spoon potato mixture evenly into hot, oiled cups.
9. Bake at 425°F for 1 hour. If the sides are still pale, cook for 20 minutes longer until the tops look crunchy and sides look golden and browned. Loosen edges with a knife, unmold and serve on a platter.
TIPS:
To make this as a potato kugel pie, bake at 425°F in a 9-inch round glass baking dish for 1 hour 20 minutes, depending on desired crunchiness.
Source:joyofkosher.com
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