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!
Italian Pasta Salad with Zesty Dressing
Simply pouring on the Italian dressing makes the spices perfect and the crunch of onions, sweetness of green peppers and olives as well as the tang of spicy pepperoni, create a pulled together cold dish that is perfect all summer long.
Tailgating is almost its own season, but that makes way for summer parties, beach picnics and church pot lucks. Everyone is always bringing food or asking what to bring and next time you are invited to a food smorgasbord, saddle up with the best Italian pasta salad you can muster up.
this salad can make to party.. this it so delicious
Italian Pasta Salad Recipe :
This recipe is pretty easy to make and also easily adjustable.
Here is the recipe as shown:
- 8 ounces (dry) rotini, radiatore (as shown) or macaroni pasta, cooked, drained and cooled
- 3 ounces pepperoni, quartered
- 1 can (3.8 oz) sliced black olives
- 1/2 green pepper, chopped
- 1/2 dry pint grape tomatoes, halved
- 1/2 cup sliced red onion
- 1 cup zesty Italian dressing
- 1/4 cup shredded Parmesan cheese
Types of Pasta to Use:
- Pasta can be kinda personal. You would think that food made from the same basic ingredients would all taste the same but its not true. The texture and shape make a huge difference in how we enjoy our dish. I mean have you ever tried a chicken Alfredo with spaghetti noodles?
- Its a bit odd without that bite of fettuccine.
- For this salad, I used radiatore because I like it! You can also use rotini pasta, which is super common, or really almost any other pasta that makes you happy. Traditionally it’s rotini and that will be what most people expect.
- Make sure after you cook your pasta, you drain and run under cold water to cool the pasta. If you do not cool your pasta all the way before making, it can affect the ingredients on mixing.
- Time to create: 20 minutes total if you are counting the cooking of the pasta. Otherwise you can deduct 8-10 minutes from that, making this a super fast meal.
Italian Pasta Salad with Italian Dressing:
- Add pasta to a mixing bowl.
- Add pepperoni, olives, green pepper, tomatoes and onion and mix well.Stir in dressing and mix well to evenly coat.
- Refrigerate for atleast 1 hour to marinate or overnight if you are able (tastes better!)
- Mix well before serving topped with cheese.
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