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!
APPLE PIE TACOS
Apple Pie Tacos are such a fun twist on a classic apple pie recipe!
The shells of these tacos are made from tortillas cut with a round cookie cutter and fried crisp and dusted with cinnamon sugar. They only take about 20 seconds each to make and can be made days ahead of time.
Apple Pie Tacos are such a fun twist on a classic apple pie recipe!
INGREDIENTS:
TACO SHELLS
- 6 large Flour Tortillas
- Oil for frying
- 2/3 cup sugar
- 2 teaspoons cinnamon
FILLING
- 1 21 oz can apple pie filling , chopped coarsely
- OR
- 3 large apples
- 1 1/2 tablespoons butter
- 3 tablespoons brown sugar
- 1 teaspoon lemon juice
- 1 teaspoon cinnamon
- 1 teaspoon cornstarch
- 1/2 cup water (divided)
OTHER
- Frozen Whipped Topping
- Caramel sauce (store bought or homemade)
DIRECTIONS:
TACO SHELLS
- Using a 3.5″ circle cutter, cut out circles from your tortillas. You should get about 5 from each tortilla. (You can use any size cutter but this was the perfect size for a 2-3 bite taco).
- Combine sugar & cinnamon in a bowl and set aside. Heat about 1 1/2″ of oil in a pan on the stove over medium heat. Use a little scrap of tortilla to put in the oil and make sure it’s good & bubbly.
- Using tongs, place one circle in the oil for about 5 seconds. Flip it over and fold it in half holding it folded for about 5 seconds or until browned. Flip over and fry the other side until crispy. Immediately remove from the oil giving it a little shake and place into the cinnamon sugar.
- Set on a pan to cool. You can leave these at room temperature for up to 3 days.
FILLING
- Peel and dice apples. Toss with lemon juice.
- Over medium heat stir together butter, chopped apples, cinnamon and brown sugar. Add about 1/4 cup water and let cook on medium heat for about 4 minutes. Stir 1 teaspoon cornstarch into remaining water and add to pan. Continue cooking until most of the liquid is gone and apples are soft.
ASSEMBLY
- (see note below for serving suggestions) Fill each taco shell with about 2 tablespoons of pie filling (will vary based on shell size) and top with frozen whipped topping and a drizzle of caramel sauce if desired.
NOTES:
To serve:
Place a mini muffin tin upside down (if desired you can line the tin with a cloth napkin to look pretty as I did in the photos above). Fill each taco with warm pie filling and top with frozen whipped topping. Lightly drizzle with caramel sauce.
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