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!
Million Dollar Spaghetti
Spaghetti, spaghetti sauce, beef and cream cheese mixture meal … that tastes like a million bucks.
Do you want to become a millionaire? Not quite the right one, but at least you can feel like a millionaire.
Well, this “rich” pasta, which deserves to proudly carry that name, will help you with that. I think I would start each post about pasta with same sentence: “I really like to eat pasta”. A lot! Basically every pasta I prepare is delicious, but sometimes I like to play with the Spaghetti and “dress” it in the “elegant suit” as if I had MILLION DOLLARS in my pocket.
No, I’m not saying this spaghetti costs a million dollars to make! It’s just so good that it tastes like a million bucks!
Ingredients
- 1 (16 ounce) package spaghetti noodles
- 1 pound ground beef
- 1 (16 ounce) jar spaghetti sauce
- 1/2 cup butter, sliced - divided
- 1 cup cottage cheese
- 1 (8 ounce) package cream cheese, softened
- 1/4 cup sour cream
- 1 (8 ounce) package shredded Cheddar cheese
Instructions
- Preheat oven to 350 degrees F
- Bring a large pot of lightly salted water to a boil.
- Cook spaghetti in the boiling water, stirring occasionally until "al dente" (cooked through but firm to the bite), about 12 minutes. Drain.
- Heat a large skillet over medium-high heat.
- Cook and stir beef in the hot skillet until browned and crumbly, 5 to 7 minutes, drain and discard grease.
- Place to a bowl and mix spaghetti sauce into ground beef.
- Combine the cream cheese, sour cream and cottage cheese until well blended.
- Place half the slices of butter into the bottom of a 9x13-inch casserole dish.
- Spread half the spaghetti into the dish. Top spaghetti with creamy mixture.
- Layer remaining spaghetti over creamy mixture.
- Top with remaining pats of butter.
- Pour ground beef mixture over spaghetti and spread to cover casserole.
- Bake in the preheated oven for 30 minutes.
- Spread Cheddar cheese over pasta and continue baking until cheese has melted and is lightly browned, about 15 more minutes.
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