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!
Monte Cristo Style Grilled Cheese Sandwich
This tasty cheesy Monte Cristo Style Grilled Cheese Sandwich made with new Sara Lee® Artesano™ Bread is the perfect choice for a satisfying lunch or easy dinner! (I've written this sponsored post on behalf of Sara Lee® Artesano™ Bread and as always, all opinions are mine alone.)
Did you know that April is National Grilled Cheese month? I was very excited to learn about this event. I happen to love grilled cheese so celebrating seems like the thing to do!
I can't think of a better "grilled cheese" than this delicious and easy-to-make Monte Cristo Style Grilled Cheese Sandwich. I was first introduced to the Monte Cristo as a kid. This was one of my own mother's quick, go-to meals when I was growing up, so as you can imagine, it sort of holds a special place in my heart. As I grew older, my Monte Cristo evolved into a sandwich a little different from my mom's version. My version uses only ham, not the usual ham and turkey combination. I also prefer using a grainy mustard and a mayo mixture. Mom used plain yellow mustard and no mayo. And lastly, I recently discovered Sara Lee® Artesano™ Bread which has taken my Monte Cristo to a new level of deliciousness!
Ham and cheese sandwich, dipped in an egg wash and fried up golden brown.
Ingredients
- 2 slices of Sara Lee® Artesano™ Bread
- 1 tsp mayonnaise
- 1 tsp grainy mustard
- 2 - 3 oz of smoked deli ham, sliced
- 2 slices Swiss cheese
- 1 large egg
- 1 TBS half and half
- 1/2 TBS butter
- powdered sugar, for sprinkling (if desired)
Instructions
- Spread mayonnaise on one side of one slice of bread. Spread mustard on one side of the other slice of bread. Lay down, spread sides up.
- Top each slice of bread with spread with a slice of Swiss cheese.
- Top one slice of bread with the Swiss cheese with the ham. Assemble the sandwich.
- In a small bowl, beat the egg and the half and half until well combined.
- Heat a small skillet over med heat. Add the butter and swirl it around. Once it's all melted and starting to bubble, dip the sandwich quickly in the egg, making sure to coat the entire thing. Add sandwich to skillet and cook until golden brown on one side, Flip and cook the other side. Serve warm with powdered sugar and strawberry preserves, if desired.
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