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!
PEPPERONI PIZZA STUFFED GARLIC BREAD
So I’ve seemingly tripped at the entrance of 2017 and fallen clean past the “healthy eating of the New Year” phase, straight down to the foot of Super Bowl snack-time. Oh nooooo… ?
Ah, I can’t even pretend to be bummed about it.
We’re watching the Super Bowl at our place this year, which means menu experimentation is starting early. The stakes are high. I’ve got a serious snack reputation to uphold, and everyone knows that the best part of the Super Bowl is the food.
And the beer. Can’t forget the commercials. Oh and I guess there’s also the actual game.
I kid. I actually really enjoy watching football! I’m looking forward to the Super Bowl, though my team’s already out of the running this year… which is par for the course. But if your team is still in this thing, then may the odds be ever in your favor. And if you and I are in the same, sad camp, not to worry. You can be your own champion this year when you make this Pepperoni Pizza Stuffed Garlic Bread.
INGREDIENTS
- 1 sturdy Italian loaf or French baguette
- 8 ounces cream cheese, softened at room temperature
- 2 cups shredded mozzarella cheese
- 1 cup pizza sauce, plus more to serve
- ½ cup parmesan cheese, plus more to top
- 1 tablespoon fresh basil, chopped, plus more to top
- ½ teaspoon dried oregano
- 6 ounces (about 1 1/2 cup) thick pepperoni slices, chopped, divided
- 4 tablespoons butter, melted
- 4 cloves garlic, minced
- Crushed red pepper flakes, optional, to top
INSTRUCTIONS
- Preheat the oven to 350° F.
- Cut the loaf into 4 equal-sized pieces. Use a long knife to remove the insides, keeping some bread along the edges. Pull out the loose bread to leave hollow bread quarters. Set aside.
- In a large bowl, mix together the cream cheese, mozzarella cheese, pizza sauce, parmesan, basil, dried oregano, and 1 cup of the chopped pepperoni. Mix well to combine.
- Stuff the baguette quarters with the pizza dip mixture, using a spoon to help pack the dip in.
- Once the bread is stuffed, transfer it to a cutting board. Line up the quarters so that they fit together as they did before the loaf was cut. Slice the bread into pieces that are approximately 1″ thick.
- Tear a piece of heavy duty foil that is about 5-6 inches longer than the loaf. Slide the loaf slices off of the cutting board and onto the foil, keeping them together.
- In a small bowl, combine the butter and minced garlic. Loosely cover the top and microwave for a minute, or until the butter is fully melted. Brush the garlic butter over the baguette, allowing some to drip down between the slices. Make sure to get all of the minced garlic on top of the bread. Top with the remaining pepperoni and sprinkle with additional parmesan cheese.
- Wrap the foil around the bread and bake for 15 minutes. Unwrap the bread and bake for 5 minutes, or until the top browns slightly.
- Remove from the oven, sprinkle with crushed red pepper flakes and basil, and serve with pizza sauce for dipping.
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