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!
Pasta with Artichokes and Pancetta
In this pasta, the sweet taste of the artichokes combines with the sharp flavor of the Parmesan cheese, and the spicy aroma of the pancetta
Today I want to show you how to prepare this pasta with artichokes and pancetta. This is one of my favorite recipes: easy and tasty, and as usual, ready in no more than 30 minutes.As you probably have noticed, I like to buy and use fresh vegetables in my recipes.Artichoke though is one exception. Cleaning fresh artichokes is quite an elaborate job. It involves peeling off leaves, trimming stems and, I know!!, removing "hair". And after all the hard work, what I find most annoying is ending up with a tiny artichoke heart, as small as a walnut, when I started off with a big, fist-sized artichoke! All reasons why, I generally opt to buy frozen artichoke hearts. They are tender and juicy, and ready to use!In this pasta, you will find the sweet taste of the artichokes, together with the sharp and nutty flavor of the Parmesan cheese, and the spicy aroma of the pancetta. What can I say? Pancetta, like bacon, makes everything taste delicious!Here is the recipe for you:
Ingredients serving 4 people:
- 1/2 onion, chopped
- 6 oz artichoke hearts (I used Trader Joe's frozen artichoke hearts)
- 3 oz (one package) of thinly sliced pancetta
- half cup of heavy whipping cream
- 1 cup of Parmesan cheese
- extra virgin olive oil
- salt
- 12 oz of short pasta, I used Barilla gemelli pasta, but you could also use other shapes like penne or fusilli.
Preparation time: 30 minutes
Directions:Step 1: Bring a large pot of salted water to a boil. And start cooking the pasta when it boils.Saute' the chopped onion in about three tablespoons of olive oil, over medium heat, for a couple of minutes.Step 2: Run the artichoke hearts under running water, if frozen. Cut in thin slices, and add to the onion. Saute' for a couple of minutes. Lower the flame to medium low, and cook for about 5 minutes. Sprinkle lightly with salt. Please note: the pancetta is relatively salty, so don't overdo with salt at this point.Step 3: Cut the pancetta in small strips, add to the artichokes and saute' for another couple of minutes.Step 4: Add the cream to the skillet and let cook for one minute.Step 5: Drain the pasta when ready, and toss in the skillet, together with the Parmesan cheese. Mix well and serve immediately.Buon Appetito!
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