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!
Skinny Bell Pepper Nacho Boats
Sure- nachos taste delicious, but they probably don’t rank high on the list of nutritious, wholesome recipes, especially when you’re trying to eat healthy! However, you can satisfy your cravings for this classic Tex-Mex snack without worrying about your waistline by subbing in bell peppers for ordinary tortilla chips. This recipe for Bell Pepper Nacho Boats calls for delicious ingredients, like lean ground meat, savory spices, juicy salsa, and melted cheddar cheese.
Instead of lathering the mixture over carb-laden chips, simply stuff the wholesome combination of flavors and textures into nutrient-rich pepper boats! So, eat up!
Ingredients
- 1 pound lean ground turkey
- 1 teaspoons chili powder
- 1 teaspoon cumin
- 1/2 teaspoon black pepper
- 1/4 teaspoon kosher or sea salt
- 3/4 cup salsa, no sugar added
- 1 cup grated cheddar cheese, reduced-fat
- 3 bell peppers
Directions
- Remove seeds, core, and membrane from bell peppers then slice each one into 6 verticle pieces where they dip down. Set sliced bell peppers aside.
- Cook ground turkey over medium-high heat, breaking up as it cooks. Cook until the turkey loses it's pink color and is cooked through. Drain off any fat.
- Preheat oven to 375 degrees.
- Combine cooked turkey with spices and salsa. Evenly distribute mixture into the bell pepper boats, top with cheese.
- Bake on a parchment lined baking sheet for 10 minutes or until cheese is melted and peppers are hot. Optional ingredients: sliced Jalepeno peppers, diced avocado, fat-free Greek yogurt or sour cream, or sliced green onions.
- NOTE: If you prefer much softer bell peppers, add a few tablespoons water to the bottom of a large casserole dish, add filled nachos, cover tightly with foil and bake 15 minutes.
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