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!
IRISH PUB NACHOS
The Irish love their sports and their holidays, and if it’s one thing they know- it’s how to celebrate with good food. You’re going to want these quick and easy, totally delectable Irish Pub Nachos at your next party.
Do you ever have that funny moment where you don’t know what to say, or to talk about. Happens to me allll the time. Especially when it’s time to sit down in front of my computer and get serious about getting a post and recipe written out.
Luckily, there’s this thing called ‘notes’ on my cellular device. Where I can actually make just that, notes, of what I want to talk about, discuss, or look up at a later date.And it’s quite a long list, annotated even. Every bright idea I have, every change I want to make. Every limb I want to go out on in my kitchen– they’re all there.
These potato based nachos feature some of your favorite toppings, making them perfect for sharing at any get together or game day.
Ingredients
- 1 1/2 lbs russet potatoes, scrubbed and sliced into quarter inch coins
- 2 tbsp olive oil
- 1/2 tsp dried rosemary leaves
- scant 1/2 tsp ground thyme
- salt and pepper, to taste
- 1 cup shredded cheddar cheese
- 5 slices thick cut bacon, cooked crisp and crumbled
- sour cream, or Greek yogurt, to taste
- pico de gallo, to taste
- 2 green onions, thinly sliced optional
- 1 tbsp chopped fresh cilantro leaves
Instructions
- Make sure you've washed and scrubbed your potatoes. Use a clean dish towel to dry up any of the excess moisture.
- Use a sharp knife to slice them into 1/4 inch thick coins. Add the potatoes to a large mixing bowl.
- Drizzle them with olive oil. Add in the seasonings--rosemary, thyme, salt, and pepper. Use a spatula to toss them to coat, gently but until all the spices and oil are evenly covering all the potatoes.
- On a large, rimmed baking sheet place the potatoes out in an even, single layer. Drizzle any remnants from the bowl evenly out over top.
- Bake the potatoes at 450 degrees for 20 minutes, flip the potatoes oven, and then return them to the oven to bake for a final 20 minutes.
- Let the potatoes cool just enough to safely handle. Transfer them to a flat cast iron pan, with the edges slightly overlapping in a spiral pattern.
- Spread the cheese and bacon out evenly over top. Bake another 4 minutes, or until the cheese is melted. Remove the skillet from the oven and let the potatoes rest for a minute.
- Serve these nachos with a scoop of sour cream in the center, a dollop of pico, and with green onions or cilantro sprinkled over top.
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