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!
GRILLED CHEESE BACON CRESCENT SQUARES
My Grilled Cheese Bacon Crescent Squares are insanely delicious. Only needs 3 ingredients! This is a blockbuster of a recipe! Guaranteed to be an instant favorite!
You’re gonna want it to easily pull apart into squares after it’s cooked. So, grab a knife or pizza cutter (I totally prefer a pizza cutter for this!) and slice it into squares. Then, using a large spatula – take the entire thing and lay it on a baking sheet sprayed with non-stick cooking spray.
The trick is to line up the squares you just cut on the baking sheet exactly the way that you cut them – with no separation between the squares. This keeps the cheese where it belongs. Refer to the picture below if you have any confusion.
INGREDIENTS:
- 2 cans of crescent rolls
- Velveeta cheese – sliced (or substitute your favorite cheese)
- 12oz or 16oz package of bacon, cooked
- flour for dusting (optional)
DIRECTIONS:
- Preheat your oven to 375 degrees. Spray a baking sheet with non-stick cooking spray. Lightly flour your work surface if you don’t want any crescent roll stickage.
- Unroll one can of crescent rolls on your work surface. Using your hands, press the seams together and lightly press & stretch a little into a nice rectangle. Add a layer of cheese (I like a pretty thick layer, & I use Velveeta because I love how it melts) & then add your layer of bacon. Unroll the remaining can of crescent rolls on top & press all the seems together both on top and all around.
- Using a pizza cutter or a knife (I prefer a pizza cutter personally) slice into squares. Place the entire thing on your baking sheet using a large spatula, working in batches if you need to. Lay all the squares right beside each other, just as they were before you sliced it. You want all the cut seams to be touching so that your cheese doesn’t leak out. Refer to the pictures in the post if you need to.
- Bake for 12-15 minutes, or until the top of the crescent rolls are lightly browned. Remove from the oven & cool on a wire rack for 3-5 minutes before digging in. The crescent squares will pull right apart. Serve & enjoy!
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