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 and Avocado Monte Cristo Sandwich with Jalapeno Jelly
A Monte Cristo is a fried ham and cheese sandwich that is dipped in an egg batter before frying and it often comes in a sweet version where strawberry or raspberry jam or powdered sugar is served on top of the savoury sandwich. When I made the jalapeno jelly I could not help but think about what kinds of sandwiches it would be good in and the monte cristo was the first thing that came to mind and I was convinced that a bacon and avocado monte cristo sandwich with jalapeno jelly was the way to go!
This sandwich is pretty simple to make where you just cook the bacon, assemble the sandwich with bread, cheese, bacon, avocado and jalapeno jam before dipping it in a french toast style egg milk batter and pan frying it until the cheese has melted and the bread is nice and golden brown and crispy. This sandwich has an amazing blend of sweet and savoury along with a spicy kick and it’s perfect for breakfast, brunch, lunch or even dinner! I like to top these bacon and avocado monte cristo sandwiches with jalapeno jelly off with a fried egg with a runny yolk, croque madame or croque monsieur style!
A crispy golden brown french toast style sandwich filled with crispy bacon, cool and creamy avocado, sweet and spicy jalapeno jelly and plenty of oozy gooey melted cheese!
ingredients
- 4 strips bacon (omit for vegetarian)
- 4 slices bread
- 1 cup cheddar cheese, shredded
- 1 avocado, sliced
- 2 tablespoons jalapeno jelly
- 1/4 cup milk
- 2 eggs
directions
- Cook the bacon until crispy and set aside on paper towels to drain.
- Assemble the sandwiches by sprinkling half of the cheese over half of the slices of bread followed by the bacon, avocado and jalapeno jelly, the remaining cheese and slices of bread.
- Dip the sandwiches in the mixture of the milk to coat the bread on both sides before transferring to a pan pre-heated over medium heat to cook until golden brown, about 2-4 minutes per side.
- Enjoy as is or topped with more jalapeno jelly, powdered sugar, etc.
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