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!
Bacon-Parmesan Spaghetti Squash Recipe
This Bacon-Parmesan Spaghetti Squash recipe is a deliciously easy side dish – it might even turn a reluctant spaghetti squash eater into a fan.
If you aren’t familiar with spaghetti squash, it’s a winter squash that is oblong with a yellow, hard shell. The inside is a stringy, which is why the name “spaghetti” squash.
One of the things I love about spaghetti squash, like other winter squash, is that they keep well. I buy spaghetti squash when I see the prices at the lowest (I like to buy them at .79 cents per pound or less) and keep in a cool place. While I generally use within a week or so, you don’t have to — they can usually keep for about a month.
For years, I always cooked my spaghetti squash by cutting it in half lengthwise and then either baking it or microwaving it. But recently I learned a new method that I like a lot better.
INGREDIENTS :
- 1 large spaghetti squash (about 4 1/2 pounds)
- 1 pound bacon
- 1/4 cup butter . cut into pieces (1 cube – 8 tablespoons)
- 1 cup shredded parmesan cheese
- Salt and pepper (to taste)
INTRUCTIONS :
- Preheat oven to 375 degrees F. Line a baking sheet with parchment paper.
- Carefully cut stem end off of the spaghetti squash and discard. Cut squash into approximate 1″ rings, width-wise. With a spoon or tip of a knife, gently remove seeds and pulp from each ring; discard.
- Place spaghetti squash rings laying down on prepared baking sheet. Bake in oven for about 40-45 minutes or until strands separate easily when scraped with a fork.
- While the spaghetti squash is baking, cut your bacon into pieces and cook in a large skillet over medium heat, moving and turning frequently, until bacon is fully cooked and crispy. With a slotted spoon, remove bacon pieces from skillet and set aside.
- Remove the spaghetti squash from the oven and allow to cool slightly. Remove shells of each ring and separate stands with a fork. Place strands in a large bowl.
- Add butter to your warm spaghetti squash (if your strands have cooled too much, heat in the microwave a bit) and toss with the strands until the butter is fully melted and incorporated. Stir in parmesan cheese and bacon crumbles. Season with salt and pepper and serve.
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