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!
EASY CHEESY ZUCCHINI BAKE
You’ll love this Low-Carb Easy Cheesy Zucchini Bake which is the #1 recipe of all the Top Ten Most Popular Low-Carb Zucchini Recipes on Kalyn’s Kitchen! And for those who care about such things, this tasty recipe is low-carb, Keto, low-glycemic, gluten-free, meatless, and South Beach Diet friendly; use the Diet-Type Index to find more recipes like this one.
INGREDIENTS:
- 2 medium-sized zucchini, cut in slices or half-moon slices
- 2 medium-sized yellow squash, cut in slices or half-moon slices
- 2 – 4 T chopped fresh basil (more or less, depending on how much you like the flavor of basil)
- 2 T thinly sliced green onion
- 1/2 tsp. dried thyme
- 3/4 tsp. garlic powder
- 1/2 cup + 1/2 cup grated mozzarella or other mild white cheese such as Monterey Jack (Use low-fat or full-fat cheese, whichever you prefer. Use a little more cheese if you like it extra cheesy!)
- 1/2 cup coarsely grated Parmesan, plus a little more for the top if desired
- (I would use less Parmesan if you only have the very finely grated Parmesan from a can.)
- salt and fresh ground black pepper to taste
DIRECTIONS:
- Preheat oven to 350F/180C. Spray an 8″ x 8″ or 8″ x 11″ baking dish with olive oil or non-stick spray. (I originally used the small size, but now I prefer a slightly bigger dish.) Wash the squash and cut in slices or half-moon slices. Wash basil, spin dry or dry with paper towels and finely chop or slice. (I used a mini salad spinner to dry the basil and Herb Scissors to cut into thin slices.) Slice green onions.
- Combine the sliced squash, chopped or sliced basil, sliced green onions, dried thyme, garlic powder, 1/2 grated mozzarella and 1/2 cup coarsely grated Parmesan and stir together until the veggies are coated with cheese and the herbs are well-distributed. Season with salt and fresh ground black pepper. Put the mixture in the baking dish and bake uncovered for about 25-30 minutes, or slightly longer. (Pierce a piece of zucchini with a fork to be sure it’s mostly tender.)
- When the zucchini is nearly cooked through, take the casserole dish out of the oven and sprinkle over the remaining 1/2 cup of grated mozzarella, plus a little more Parmesan if desired. Put the dish back in the oven and bake 10-15 minutes longer, or until the cheese is melted and nicely browned and zucchini is fully cooked. Serve hot.
- This kept well in the fridge overnight, but mine was gone the next day so I don’t know if it would last longer than that!
NOTES:
For years now, this Easy Cheesy Zucchini Bake has been the most popular zucchini recipe on my blog!
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