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!
Bacon Burger Bombs
Bacon Burger Bombs are a modern twist on a family tradition! Stuffed burger pockets are perfectly seasoned and loaded with bacon. Soft and tender dough envelopes the bacon-flavor explosion. This simple recipe is sure to become a regular in your kitchen too!
We are so excited to be partnering with our friends at Jones Dairy Farm to bring you a scrumptious breakfast or brunch recipe perfect for the holidays with family and friends, starring one of my favorite ingredients: Bacon!!!
INGREDIENTS:
- 18 frozen dinner roll dough balls
- 1 pound Jones Dairy Farm Cherrywood Smoked Sliced Bacon
- 1 pound lean ground beef
- 1/2 sweet potato, finely chopped
- 1 large egg, lightly beaten
- 1 teaspoon cinnamon
- 1 teaspoon kosher salt
- 1/2 teaspoon nutmeg
- 1/4 teaspoon allspice
Intructions:
- Lightly flour a large cutting board or a countertop. Place frozen dough balls on the counter to thaw flipping them once after about 30 minutes. Shortcut method in Donna's notes.
- Meanwhile: In a cold large (12") cast iron skillet add bacon. Turn heat to medium and cook until crisp, stirring occasionally. This will take about 25 minutes. Remove bacon from pan and place on a plate. Once the skillet has cooled, pour bacon drippings through a sieve into a resealable container. I use a mason jar. Set aside.
- Meanwhile: Combine beef, sweet potato, bacon (including any bacon drippings on the plate), egg, and spices in a large bowl. Mix with clean hands until combined.
- Preheat the oven to 425°F.
- Toss 1 piece of dough in flour and flatten and stretch like you are making a mini pizza. Stretch dough to about 3-4” across. I like to use a rolling pin to make sure that I do not get any thin spots.
- Add about 2 tablespoons of the beef mixture to the center of the flattened dough. Grab the top and bottom edges of the dough and crimp together on the right side. Pull the left edge up to meet the crimped dough. crimp the two edges to the dough to make a triangle package. Place on a cookie sheet. Repeat until there are 9 on each cookie sheet.
- Brush bombs with the strained bacon drippings. If you did not reserve the bacon drippings, you can use canola oil.
- Bake the bombs for 12-15 minutes until the tops are golden brown and the bombs are no longer doughy, swapping the trays half way during cook time. And brushing with bacon drippings again. If your dough is still cold, you may need to bake them longer. I have baked them up to 20 minutes.
- Serve and enjoy!
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