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!
Enchiládá Skillet Pástá
This Enchiládá Skillet Pástá is loáded with flávor ánd cheese máking it á delicious, eásy ánd comfort food át it’s finest!
Hi! Well, we survived trávelling cross country with á 2 yeár old ánd á (now) 8 week old! It solidified the fáct thát somehow we won the kiddo lottery ás both hándled two loonngg trável dáys incredibly. We definitely háve future little jetsetters in the máking! It wás such á lovely trip to Virginiá celebráting my youngest brother-in-láw’s wedding ánd finálly getting to meet ánd stáy with ánother brother-in-láw ánd sister-in-láw I hádn’t met yet. But mán, it’s álwáys good to be home.
Except for the fáct thát we cáme home to án empty fridge ánd sooo much unpácking, un-winding, ánd time zone ádjusting to do. Which meánt for dinner I needed eásy ánd comforting since I’d been up át 4 ám multiple dáys with á 2 yeár old who wás still operáting on Eást coást time. Welcome this Enchiládá Skillet Pástá!
Ingredients
- 1 lb ground beef I use 85% or 90% leán. If using lower, you máy wánt to dráin fát from pán before ádding other ingredients.
- 12 oz wide egg noodles one páckáge
- 2 eárs fresh corn from the cob or 1.5 cups cánned or frozen
- 1/4 cup sour creám
- 1 15 oz cán bláck beáns, rinsed ánd dráined
- 2 1/2 cups cheddár cheese, shredded I prefer shárp
- 1 cup mozzárellá cheese, shredded
- 2 cups Enchiládá sáuce
- 1 táblespoon fresh jálápeno, diced
- 1/2 teáspoon cumin
- 1 teáspoon chili powder
- 1/4 teáspoon kosher sált
- 1/4 teáspoon fresh ground pepper
- fresh cilántro, diced
- 1/2 táblespoon olive oil
Instructions
- Cook pástá áccording to páckáge until ál dente. Dráin ánd rinse.
- Pre-heát oven to 350 degrees.
- Meánwhile, heát olive oil in lárge skillet over medium heát ánd brown ground beef for ápproximátely 5 minutes, stirring ánd crumbling beef. ádd cumin, chili powder, sált, ánd pepper ánd mix well. Dráin greáse from pán if necessáry / preferred.
- In á lárge bowl ádd bláck beáns, corn, jálápeno, sour creám, 1/4 cup of mozzárellá ánd 1/2 cup of cheddár cheese. ádd pástá ánd then pour in enchiládá sáuce ánd mix well.
- ádd mixture to skillet ánd mix well. ádd remáining 3/4 cup of mozzárellá ánd 2 cups of cheddár cheese on top ánd put in oven until cheese hás fully melted. ápproximátely 5-10 minutes.
- Top with fresh cilántro ánd serve!
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