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!
Baked Pasta with Broccoli Pesto and Mozzarella
Who doesn’t love a baked pasta dish? Baked Pasta with Broccoli Pesto and Mozzarella is super cheesy and delicious, but also filled with two whole heads of broccoli! Broccoli haters just might be converted!!
It’s probably no secret that the Thomas-Ewing household loves to eat carbs, more specifically, pasta. There is just nothing easier to make, probably nothing as budget friendly, and surely no dish as well liked as a baked cheese-filled pasta dish. If we are looking for comfort food, then in most cases, pasta is what’s on the menu.
Who doesn’t love a baked pasta dish? Baked Pasta with Broccoli Pesto and Mozzarella is super cheesy and delicious, but also filled with two whole heads of broccoli! Broccoli haters just might be converted!!
INGREDIENTS
- 6 cups broccoli florets, about 2 heads of broccoli
- 900 grams penne pasta, par-cooked and cooled
- 3 cups mozzarella cheese, grated
- 1/2 cup grated parmesan cheese
- 1 clove garlic, minced
- 1/4 cup olive oil
- 1 teaspoon salt
- 1/2 teaspoon ground black pepper
- 1/2 teaspoon dried red chili flakes, optional
INSTRUCTIONS
- Add the broccoli florets to a large pot of salted boiling water. Cook the broccoli on a low boil for 5 minutes. Do not overcook the broccoli.
- Remove the broccoli from the water and transfer to a food processor.
- In the meantime, add the penne pasta to the leftover broccoli water and boil until pasta is almost fully cooked.
- In the meantime, preheat your oven to 350 degrees and prepare a casserole dish by greasing it with a little olive oil or non-stick cooking spray.
- Add the garlic, parmesan, and olive oil to the food processor. Pulse until smooth and creamy.
- When the pasta is cooked, drain the water and return the cooked pasta back to the pot.
- Add the broccoli pesto, salt, black pepper, dried chili flakes, and toss to coat.
- Spoon half of the pasta mixture into the casserole dish. Top with half of the mozzarella cheese.
- Spoon the rest of the pasta onto the first layer of cheese and top with the remaining mozzarella.
- Bake for 30 minutes or until cheese is golden brown and bubbling.
- Serve immediately.
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