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!
Weight Watcher’s Spaghetti Sauce!!!
Weight Watcher’s Spaghetti Sauce!!!
INGREDIENTS
- 5 pounds ground beef (I used ground round)
- 3 tablespoons olive oil
- 2 whole large yellow onions, diced
- 2 whole green bell peppers, seeded And diced
- 6 cloves garlic, minced
- 1 cup white wine (or low sodium beef broth if you prefer)
- 2 (28 ounces) cans crushed tomatoes
- 1 (14 ounces) can crushed tomatoes
- 1 (4 ounces) can tomato paste
- 1 jar Trader Joe’s marinara sauce
- 1 teaspoon ground oregano
- 1 teaspoon ground thyme
- 4 whole bay leaves
- 2 tablespoons sugar
- 2 teaspoons kosher salt
- ½ teaspoon crushed red pepper (optional)
- ¼ cup finely minced fresh parsley (or 3 tablespoons parsley flakes)
- 1 whole rind from one wedge Parmesan (optional)
- ½ cup grated Parmesan cheese (optional)
- pinch of cinnamon (optional)
- 2 pounds spaghetti, cooked al dente and tossed with olive oil
- Extra minced parsley, for serving
- Extra Parmesan cheese, for serving
INTRUCTIONS :
- In a large pot over medium-high heat, brown the ground beef until totally browned.
- Remove meat from pot with a slotted spoon and put into a bowl. Set aside.
- Discard any grease in the pot, but do not clean the pot. Drizzle in olive oil.
- When it is heated, throw in the diced onion and diced bell pepper.
- Stir it around for 1 1/2 minutes, then add the garlic. Stir and cook for an additional minute.
- Pour in the wine and allow it to bubble up and reduce for about 1 1/2 minutes.
- Add crushed tomatoes, tomato paste, and marinara sauce.
- Stir to combine, then add oregano, thyme, sugar, salt, bay leaves, and crushed red pepper (if using).
- Stir, then add cooked ground beef and stir to combine.
- Place the lid on the pot and allow to simmer for 1 hour, stirring occasionally.
- Add a little water or some low-sodium broth if it needs more liquid.
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