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!
GLUTEN-FREE CHEESY BAKED POTATO SOUP
Nothing beats a bowl of creamy soup on a cold winter day! This gluten-free Cheesy Baked Potato Soup brings all the flavors of a twice baked potato in a creamy soup that the whole family loves!
This gluten-free Cheesy Baked Potato Soup brings all the flavors of a twice baked potato in a creamy soup that the whole family loves!
INGREDIENTS- 1/2 cup butter (1 stick), divided
- 2 Tbsp. minced garlic (about 3 cloves)
- 6 cups gluten-free chicken broth (recommend Pacific)
- 9 cups cubed potatoes (~1/2" cubes), preferably butter gold or Yukon gold (peeled or unpeeled)
- 2 tsp. dried parsley
- 1/4 cup cornstarch
- 3 cups milk
- 5 cups cubed cheddar cheese (sharp cheddar is preferred)
- 3/4 cup sour cream
- 2 Tbsp. garlic salt
- 1 tsp. pepper
- 2 lbs. bacon
- Additional shredded cheese for topping, if desired
- Sliced green onions for topping, if desired
DIRECTIONS
- In a large stockpot, melt 2 tablespoons of butter over medium heat. Add the minced garlic and cook 1 minute or until garlic is fragrant.
- Add the broth, potatoes, and parsley.
- Bring to a boil, stir, then turn to low heat, cover pot with lid, and let simmer until the potatoes are tender, about 12 minutes.
- In a smaller pot, melt the remaining butter, then whisk in the cornstarch. Add the milk, whisking until smooth. Bring to a boil until starts to thicken, about 2 minutes, then remove from heat.
- Gradually add the milk mixture into the stockpot once the potatoes are tender. Stirring constantly, bring to a boil and let boil for 2 minutes to thicken the soup. Reduce heat to simmer and stir in cheese cubes.
- When cheese is melted, add sour cream, garlic salt, and pepper. Stir until all is warmed through to desired temperature. Taste to see if you would prefer additional garlic salt or pepper.
- While soup is warming through, cook bacon in a skillet. Pat dry and crumble. Serve in a bowl so everyone can add their desired amount to their soup.
- Serve with additional shredded cheddar cheese and green onions for everyone to add as desired.
- Leftovers can be refrigerate or frozen. To enjoy leftovers, you'll want to add a bit of milk when reheating. You can reheat in the microwave or on stove top.
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