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!
LEMON HERB ROASTED POTATOES
Lemon Herb Roasted Potatoes are cut into small potato nuggets ensure crispy flavour in every bite. One of the most popular side dishes ever to be featured on this site and an all-out Pinterest hit.
Roasted potatoes are pretty much a family institution at our house. Now these flavourful potato nuggets have become a new favourite. I first started making them about 10 years ago when I saw Jamie Oliver make them.
I describe them as an absolute must for a British roast dinner of any sort. You can read more about how to make The Perfect Roast Potato here.
This variation simply takes the same method and adds lemon and herbs. We enjoyed these potatoes at our Sunday dinner last weekend along with a whole, beautifully roasted Lemon Dijon Chicken.
These Lemon Herb Roasted Potato Nuggets are a terrific side dish with many meals like any roast chicken or lamb dinner or to serve with Greek Souvlaki.
Ingredients
- 6- 8 large sized russet potatoes peeled and cut into 1 1/2 to 2 inch chunks
- juice of one lemon
- ¼ to 1/3 cup olive oil butter or other oil will work as well; a butter/olive oil combination is very good too
- ½ tsp kosher salt
- ½ tsp cracked black pepper
- 1 1/2 tbsp dried herbs oregano, thyme and rosemary are good choices
- 1 whole garlic bulb broken into about 4 pieces optional
Instructions
- Parboil the potatoes in salted water for about 3-4 minutes, no longer.
- Meanwhile in a 375 degree F oven, heat a baking pan of sufficient size to hold your potatoes without crowding them. A glass or metal pan is fine, as long as it is well heated beforehand. This will help to prevent the potatoes from sticking to the pan.
- After parboiling, drain the potatoes and let them stand for 5 minutes. Then toss the potatoes with the lemon juice.
- Toss together so that the potatoes absorb the lemon juice.
- Add the salt, pepper, herbs, garlic cloves and olive oil.
- Transfer the seasoned potatoes, garlic and oil to the hot baking pan. These should sizzle as they hit the pan; a good indication that they will not stick. Roast the potatoes for about 60-75 minutes or until they are nicely golden brown all over, turning them every 20 minutes or so. After the first 10 minutes, give the pan a shake to make sure the potatoes are not stuck to it. The roasted garlic may have to be removed before the potatoes are finished as it generally cooks faster.
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