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!
the montanara pizza (classic fried italian pizza).
So, do you remember back in the summer when I made the Mozzarella in Carrozza? and I was telling you guys about that old Italian cookbook my dad got me? Well, this is another recipe idea from that book. It’s not the same recipe, but it’s the same idea, a classic fried Italian pizza.
I am not really sure what’s it is called, because in my cookbook half of the recipes are in Italian, but after a little research online I discovered that a fried pizza is commonly referred to as The Montanara Pizza and according to the New York Times, they are pretty popular in NYC now.
INGREDIENTS
- 1/3 cup olive oil
- 4 tablespoons unsalted butter
- 8 cloves garlic finely chopped or grated
- 1 teaspoon crushed red pepper
- 2 ounce cans san marzano tomatoes 28
- 2 tablespoons tomato paste
- 2 teaspoons dried basil
- 1 teaspoon oregano
- salt to taste
- 1 parmesan cheese rind
- 16 ounces smoked mozzarella cheese sliced
- pecorino romano cheese grated
- 1 bunch fresh basil
- 1 in recipe [pizza dough | https://www.halfbakedharvest.com/whipped-feta-and-roasted-jalapeno-greek-pizza/] preferably left to rise the fridge overnight.
INSTRUCTIONS
- If possible, prepare your pizza dough the night before and allow it to rise in the fridge overnight.
- Heat a medium to large soup pot over medium-low heat. Add the olive oil, butter, garlic and crushed red pepper flakes. Slowly cook the garlic in the oil/butter for about 10-20 minutes, but be very careful not to burn the garlic. You want the garlic to be fragrant and lightly caramelized. Now carefully add the tomatoes, crushing them with your hand as you add them. Add the tomato paste, dried basil, oregano, a good pinch salt and the parmesan rind. Bring the sauce to a low boil and then reduce the heat to a simmer. Simmer, with the lid off for about 1 hour or as long as you can. If you are going to go longer than an hour, keep the lid on. You can make the sauce three to four days in advance. The longer it simmers and sits, the better.
- To prepare the pizzas, Preheat the oven to 500 degrees F.
- Place a pizza stone under the broiler (or large pan) and heat it for 30 minutes. Pour enough canola oil into an 8 quart pot to go 2 inches up the sides of the pot. Heat until a deep-fry thermometer reads 350 degrees F. Divide the dough into four balls. Dust each ball of dough with semolina. Using your fingertips, press the dough into a 8-10 inch circle, it does not need to be perfect. Using a fork, poke holes all over the dough; gently lower the dough into the hot oil. Fry, flipping once, until golden and puffed, 1-2 minutes. Transfer to a pizza peel or clean surface. Repeat with the remaining dough. Spread each pizza with as much sauce as desired. Distribute a quarter of each of the cheeses and basil leaves over each piece of dough. Drizzle the pizzas with a little olive oil. Slide pizza, one at a time, onto stone. Turn the oven to broil and broil until cheese melts, about 1-1½ minutes. Serve hot with fresh pecorino, basil and pine nuts.
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