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!
Soul Food Macaroni and Cheese Recipe
Soul Food Macaroni and Cheese Recipe
There is something about homemade macaroni and cheese that makes me want a complete soul food meal. I’m talking about crispy fried chicken, tender collard greens with ham hocks, buttery cornbread, and super creamy cheesy mac and cheese. Yassss! Just the thought of it take me back to my childhood!
I remember it just like it was yesterday. My mom would wake up early every Sunday to get started on dinner. She’d turn on the radio, play that good ol’ r&b ( explains why I listen to r&b while I cook!), and go in! My mom would be in the kitchen all Sunday peeling potatoes for her southern potato salad, and cleaning fresh greens that she bought from the market. I’d just observe everything, and patiently wait for her to ask me to sample something. My favorite thing to sample was macaroni and cheese! I’d always make up an excuse for why I needed two bites to ” make sure” it was right… Yeah I was a greedy lil thang back then too! Especially when it came to mac and cheese!
Soul Food Macaroni and Cheese made with 6 different cheese. No Velvetta no eggs required.
Ingredients
- 1 lb elbow macaroni pasta uncooked
- 1 tsp salt to salt the water for the pasta
- 8 cups water
- 1 cup evaporated milk
- 1 1/2 cup half & half
- 4 tbsp unsalted butter not margarine
- 2 tbsp all purpose flour
- 4 oz cream cheese
- 8 oz gouda cheese shredded or cubed
- 8 oz creamy havarti cheese shredded or cubed
- 8 oz sharp cheddar cheese shredded
- 4 oz mozzarella cheese shredded
- 4 oz colby jack cheese shredded
- 1 tsp seasoning salt OR plain salt
- 1 tsp onion powder
- 1 tsp garlic powder
- 1/2 tsp freshly cracked black pepper
- 1 tsp smoked paprika
Instructions
- Pour 8 cups of water into a pot, and sprinkle in 1 tsp of salt.
- Bring the water to a boil, over high heat, then add in the elbow macaroni pasta.
- Cook the pasta until it is al dente ( cooked but still firm), then drain the pasta and rise it under cool water.
- Place a large sauce pan over medium heat, then toss in 4 tbsp of butter.
- Melt the butter down completely, then sprinkle in 2 tbsp of flour.
- Whisk the ingredients until they are well incorporated, then pour in the evaporated milk and half & half.
- Whisk the ingredients, and continue to cook it over medium heat for about 3 minutes.
- Reduce the heat to low, then add in the cream cheese, gouda, and havarti.
- Stir the mixture until the cheese melts, and you have a nice creamy cheese sauce.
- Sprinkle in the seasoning salt, pepper, paprika, onion powder, and garlic powder. Mix until well incorporated.
- Toss the macaroni pasta into a large pot, and pour in the cheese sauce.
- Stir everything until it is well combined, then pour half of the macaroni and cheese mixture into a 9 x 13 bake dish.
- Sprinkle some of the sharp cheddar, mozzarella, and colby jack on top of the mac and cheese.
- Next add the remaining macaroni and cheese into the bake dish, and top it off with the remaining cheese.
- Bake the macaroni and cheese, in a preheated oven, on 350 F for 25-30 minutes.
- Remove from the oven, and let sit for 5 to 10 minutes.
- Serve and enjoy!
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