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!
Breakfast Poutine
Crispy fries and melting cheese curds are topped with flavorful sausage gravy and an over-easy fried egg to create this unforgettable Breakfast Poutine.
Breakfast Poutine is one heck of a weekend breakfast and I can hardly wait to make it again. Want a few more weekend breakfast ideas? Pecan Praline French Toast Bake is a sweet favorite and these Ham and Cheese Waffles are the best possible combination of savory and sweet. Eggs Benedict Strata is an easy family-style twist on the classic and these Red Pepper and Baked Egg Galettes are one of the prettiest breakfasts I’ve ever seen.
Ingredients
- 24 ounces frozen french fries, seasoned or plain
- 1/2 pound regular or hot breakfast sausage
- 3 tablespoons all-purpose flour
- 1 3/4 cups milk
- 1/4 - 3/4 teaspoon kosher salt
- 1/2 teaspoon freshly ground black pepper
- 4-6 ounces cheese curds, roughly chopped
- 4 eggs
- 2 green onions, sliced thin
Instructions
- Preheat the oven to 425°F. Place the fries in a single layer on a large sheet pan. Cook in the center of the oven and set a timer for 25 minutes, stirring once after 15 minutes.
- While the fries are in the oven, cook and crumble the sausage in a large stainless skillet over medium-high heat. Sprinkle the browned sausage with flour and toss to coat. Add the milk, salt, and pepper. Stir and bring to a simmer. Lower the heat and cook until thickened, about 5 minutes. Remove from the heat.
- When the timer for the fries goes off, push the fries together in the center of the pan and add the cheese curds on top of the fries. Return the pan to the oven and cook an additional 5-8 minutes until the cheese has melted.
- While the cheese and fries are finishing in the oven, melt ½ tablespoon butter in a large non-stick skillet over medium-low heat. When the butter begins to foam, tilt the pan to coat the bottom with butter. Add 2 eggs to the skillet. When the edges of the eggs turn white, season lightly with salt and pepper. Add a tablespoon of water to the pan and cover with lid. Cook for 2 minutes, until the eggs are done to your liking.
- Scoop the cheesy fries onto plates and top with gravy. Slide an egg over the top and sprinkle with green onions. Enjoy!
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