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!
Bacon Jalapeno Poppers
Bacon Jalapeno Poppers
If you like spicy, you will LOVE baked Bacon Jalapeno Poppers! Halved jalapeños stuffed with cream cheese, bacon and garlic, topped with crispy breadcrumbs.
yield: 24 POPPERS
prep time: 15 MINS
cook time: 15 MINS
total time: 35 MINS
Ingredients
- 4 strips bacon — cooked
- 12 jalapeno peppers — small/medium-sized, split in half length-wise with seeds and membranes removed
- 6 ounces light cream cheese
- 1/2 cup freshly grated pepper jack cheese
- 2 small green onions — finely sliced
- 1/2 teaspoon garlic powder
- 1/4 teaspoon kosher salt
- 1/2 cup panko breadcrumbs
- Nonstick cooking spray
Instructions
- If necessary, cook the bacon according to these easy steps. Once cool, dice the bacon into small pieces.
- Preheat the oven to 350 degrees F. Lightly coat a baking sheet with nonstick spray or line with parchment paper or a silpat mat. Set aside.
- In a medium bowl, beat together the cream cheese, grated cheese, three-quarters of the bacon, green onion, garlic powder, and salt. Spoon the filling into each jalapeño cavity. Arrange the peppers on prepared baking sheet, filling-side up.
- Sprinkle a small amount of panko on top of each jalapeno, then lightly coat the top of the jalapenos with nonstick spray. Bake until the jalapenos are tender and the breadcrumbs are golden, about 15 to 18 minutes. If the panko isn't browned to your liking when the peppers are soft, switch the oven to broil and broil for 1 minute or so watching VERY CAREFULLY to make sure the breadcrumbs do not burn (don't walk away!). Remove from oven and sprinkle with remaining bacon. Serve hot.
Recipe Notes
The Bacon Jalapeno Poppers can be prepared through Step 3 up to 1 day in advance. Sprinkle with panko and bake just before serving.
course: APPETIZER
cuisine: AMERICAN
keyword: BACON JALAPENO POPPERS, EASY APPETIZER RECIPE
All text and images © ERIN / WELL PLATED.
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