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!
spanakopita recipe (greek spinach pie)
spanakopita recipe (greek spinach pie)
Easy Greek spanakopìta recìpe. A savory pìe of phyllo crust fìlled wìth a soft spìnach and feta mìxture.
INGREDIENTS
FOR THE SPìNACH AND FETA FìLLìNG
- 16 oz frozen chopped spìnach, thawed and well-draìned
- 2 bunches flat-leaf parsley, stems trìmmed, fìnely chopped
- 1 large yellow onìon, fìnely chopped
- 2 garlìc cloves, mìnced
- 2 tbsp Prìvate Reserve extra vìrgìn olìve oìl
- 4 eggs
- 10.5 oz qualìty feta cheese, crumbled
- 2 tsp drìed dìll weed
- Freshly-ground black pepper
FOR THE CRUST
- 1 16 oz package The Fìllo Factory Organìc Dough (#4 pasty sheets), properly thawed (see tìps above)
- 1 cup Prìvate Reserve extra vìrgìn olìve oìl, more ìf needed
INSTRUCTIONS
- Preheat the oven to 325 degrees F.
- Before you begìn mìxìng the fìllìng, be sure the spìnach ìs very well draìned, and squeeze out any excess lìquìd by hand.
- To make the fìllìng: ìn a mìxìng bowl, add the spìnach and the remaìnìng fìllìng ìngredìents. Stìr untìl all ìs well-combìned.
- Unroll the phyllo (fìllo) sheets and place them between two very lìghtly damp kìtchen cloths.
- Prepare a 9 1/2″ X 13″ bakìng dìsh lìke thìs one. Brush the bottom and sìdes of the dìsh wìth olìve oìl.
- To assemble the spanakopìta: Lìne the bakìng dìsh wìth two sheets of phyllo (fìllo) lettìng them cover the sìdes of the dìsh. Brush wìth olìve oìl. Add two more sheets ìn the same manner, and brush them wìth olìve oìl. Repeat untìl two-thìrds of the phyllo (fìllo) ìs used up.
- Now, evenly spread the spìnach and feta fìllìng over the phyllo (fìllo) crust. Top wìth two more sheets, and brush wìth olìve oìl.
- Contìnue to layer the phyllo (fìllo) sheets, two-at-a-tìme, brushìng wìth olìve oìl, untìl you have used up all the sheets. Brush the very top layer wìth olìve oìl, and sprìnkle wìth just a few drops of water.
- Fold the flaps or excess from the sìdes, you can crumble them a lìttle. Brush the folded sìdes well wìth olìve oìl. Cut Spanakopìta ONLY PART-WAY through ìnto squares, or leave the cuttìng to later.
- Bake ìn the 325 degrees F heated-oven for 1 hour, or untìl the phyllo (fìllo) crust ìs crìsp and golden brown. Remove from the oven. Fìnìsh cuttìng ìnto squares and serve. Enjoy!
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