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!
MEXICAN PINWHEELS
No matter what time of year it is, I get excited when I see pinwheel recipes at a potluck or party. They’re just so fun and easy to eat. Not to mention the flavor possibilities are endless. Since Mexican food is one of my favorite things to eat, I knew I had to make roll-ups stuffed with those flavors. These pinwheels are reminiscent of the Southwest Egg Rolls you can order at most restaurants without all the work.
This easy Mexican Pinwheels Recipe is a party favorite that's full of bright, bold flavors you'll crave! Your guests will ask for seconds and thirds!
Ingredients
- 8 ounces cream cheese at room temperature
- 1 1/2 teaspoons dried oregano
- 1/2 teaspoon garlic powder
- 1/4 teaspoon ground cumin
- 1 cups shredded cheddar or Colby jack cheese
- 1 cup cooked & shredded chicken breast approx. 1 breast
- 1/2 cup of your favorite salsa
- 3 tablespoons fresh cilantro chopped (add as much as you like)
- 1/2 green bell pepper seeded and diced
- 1/2 red bell pepper seeded and diced
- 10 inch flour tortillas three of them
Instructions
- To a large mixing bowl, add the cream cheese, oregano, garlic powder, and cumin. Use a spoon or spatula to mix everything together until evenly combined.
- Add the cheese, chicken, and salsa to the cream cheese mixture. Stir together until evenly combined.
- Add the cilantro and bell peppers to the filling. Stir until incorporated.
- Lay one tortilla flat on a cutting board. Place 1/3 of the filling in the center of the tortilla. Use the back of a spoon or a spatula to spread the filling evenly over the tortilla. (You don't need to go all the way to the sides as they will be discarded later.) Carefully roll up the tortilla, starting with the side closest to you, until you create a log shape.
- Repeat filling and rolling the remaining two tortillas, using 1/3 of the filling for each.
- Use a sharp knife to cut the end off of one of the rolled tortillas so that your next cut is where the filling starts. Cut the tortilla into 1/4-inch to 1/2-inch slices. (You should get about 8 pinwheels per tortillas.)
- Place the pinwheels on a serving plate.
- Serve immediately, or cover with plastic wrap and refrigerate until ready to serve.
Notes
The number of pinwheels will vary based on the size of your tortillas, the amount of filling used, and how thick you cut the slices.
You can cut down on the prep time by using store-bought rotisserie chicken or using left oven chicken from dinner the night before.
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