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!
Taco Lettuce Wrap Recipe
Taco Lettuce Wrap Recipe
It’s getting to that part of the winter that we’re getting tired of soup and casseroles so we’re trying to find new and delicious recipes to try instead of those heavy meals.
The other night I was making taco’s for my boys for dinner and realized that I had NO Taco shells, Doritos, or tortillas at home to put the fixings in. I know, very poor planning on my part but the outcome was a delicious Taco Lettuce Wrap that my kiddos ate up!
How to A Make Taco Lettuce Wrap
Ingredients you need
- 1 Pound Ground Beef
- 1 Package Taco Seasoning
- 3/4 Cup Water
- Shredded Cheese
- Tomato’s
- Sour Cream
- Salsa
- Lettuce
Instructions
- Step 1 – In a pan, brown the ground beef until browned
- Step 2 – Add the Taco Seasoning and water to the ground beef and simmer for five minutes
- Step 3 – Using the Lettuce like a boat to make a wrap add a half cup of taco meat and then add your choice of fixings like tomato’s, cheese, sour cream, etc. Enjoy!
- These are so easy to make, you could even make the taco meat and keep it warm in the slow cooker until you’re ready for supper.
I think because these have just vegetables, meat and cheese they fall into the category of healthier recipes. Maybe? I’m trying to make a few healthy recipe’s every week to off set all the butter and cream that I use in my recipes, I’m loving that healthy does not have to mean yucky or flavorless food.
What type of Lettuce Wraps have you made? This is one of our new favorites along with the Copycat PF Chang Chicken Lettuce Wrap recipe. Be sure to check out this recipe too for another delicious recipe idea!
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