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!
Cheesy Spinach Pinwheels
Mmm…golden, flaky puff pastry wrapped around melted cheeses and hearty, garlicky spinach, shaped into cute little spirals? How perfect are these Cheesy Spinach Pinwheels!? I melted, my fiancé swooned, they were a huge hit all around.
These cute little pinwheels are a perfect appetizer to serve to any crowd – hungry football fans watching the game, special guests at your next dinner party, or even kiddos straight off the bus from school looking for a snack. You can even prep them ahead of time and freeze them to serve later (you may have to cook them a few minutes longer from a frozen state). Warning: these tasty little pastries will disappear quickly, you may want to make more than you think you’ll need!
INGREDIENTS:
- 1 sheet of frozen puff pastry, defrosted (such as Pepperidge Farms)
- 2 teaspoons olive oil
- 2 garlic cloves, minced
- 6 ounces fresh spinach, chopped or torn into pieces
- Sat & pepper, to taste
- 1 ½ ounces Parmesan cheese, freshly & finely grated (I shred mine on the smallest holed side of a box grater)
- 1 ounce crumbled Feta cheese
DIRECTIONS:
- On a clean, dry surface sprinkle a small amount of flour to prevent sticking and lay down your sheet of defrosted puff pastry. Using a rolling pin, roll the pastry into a 10”x14” rectangle of even thickness.
- In a large skillet or saute pan, bring the olive oil to medium heat. Add the garlic and allow garlic to cook for about a minute. Add the spinach and stir together. Allow the spinach to cook for 2-3 minutes, stirring occasionally until wilted. Add a couple shakes of your salt & pepper shakers (or to taste). Spread the spinach evenly across the surface of the rolled out puff pastry sheet. Sprinkle the Parmesan and Feta cheeses evenly over top of the spinach, covering the entire surface of the pastry.
- With the longer side of the pastry rectangle facing you, roll the pastry by pushing forward, wrapping the ingredients into a long roll. Once the pastry is completely rolled up into a big “log,” wrap it in parchment paper or cling wrap and place it in the freezer for 30-40 minutes. This will make it easier to cut into circles.
- Preheat the oven to 400 degrees. Line a large baking sheet with parchment paper and set aside.
- When you take the pastry roll out of the freezer, use a serrated knife to slice it into 24 even “spirals.” I find the easiest way to do this evenly is to cut the roll in half, then each of those pieces into quarters, then cut each of those pieces into thirds. Place each spiral onto the parchment lined baking sheet and bake them in the oven for 20 minutes or until lightly golden. Serve warm.
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