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!
ANTIPASTO APPETIZER SQUARES
This easy antipasto appetizer bake features layers of Italian meats and cheese, sandwiched between layers of crescent dough. Great for parties!
Sometimes the stars align when it comes to choosing a recipe, which is how this amazing new-to-me appetizer came into my life. I had recently clipped a recipe from Taste of Home for an antipasto appetizer bake when I received an email from reader Terri (of the cheesy pepperoni bites fame!) sharing a recipe for her family’s favorite Italian appetizer bites, which was incredibly similar. So naturally, I put them on my menu for the following Sunday. I ended up adapting each one a little bit to come up with this particular version, and everyone at my house absolutely raved about them.
They’re so easy! A perfect recipe if you want heavier finger foods for a party or an alternative to chips and dip.
This easy antipasto appetizer bake features layers of Italian meats and cheese, sandwiched between layers of crescent dough. Great for parties!
INGREDIENTS:
- 2 (8-ounce) tubes crescent dough sheets
- ¼ pound hard salami
- ¼ pound thinly sliced provolone cheese
- ¼ pound pepperoni
- ¼ pound thinly sliced mozzarella cheese
- ¼ pound capicola
- ¼ pound thinly sliced fontina cheese
- 1 (12-ounce) jar roasted red peppers, drained, patted dry, and sliced into thin strips
- 4 eggs, divided
- ¼ cup grated Parmesan cheese
- ½ teaspoon ground black pepper
DIRECTIONS:
- Preheat oven to 350 degrees F.
- Unroll one package of the crescent sheets and press into the bottom and up the sides of a 9×13-inch baking dish.
- Layer on the salami, provolone, pepperoni, mozzarella, capicola, fontina, and roasted red peppers.
- In a small bowl, whisk together 3 of the eggs with the Parmesan cheese and black pepper. Pour over the roasted red peppers.
- Unroll the second package of crescent sheets and place over the filling.
- In a small bowl, lightly beat the remaining egg and brush over the pastry.
- Cover the pan with aluminum foil and bake for 30 minutes. Remove the foil and bake for an additional 20 to 30 minutes, until puffed and golden brown. Let stand for at least 30 minutes before slicing and serving. These can be served warm or at room temperature.
RECIPE NOTES:
You can also use crescent rolls instead of the crescent sheets, but you will need to be sure to press together the perforations in the dough before using.
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