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!
CHEESY SCALLOPED POTATOES
CHEESY SCALLOPED POTATOES
Cheesy Scalloped Potatoes are a classic dish that is loved the world over. With its rich sauce and comforting cheese, this is a dish that is always a sure fire hit.
YIELD: 10-12 SERVINGS
PREP TIME 20 minutes
COOK TIME 1 hour 20 minutes
ADDITIONAL TIME 40 minutes
TOTAL TIME 2 hours 20 minutes
INGREDIENTS
- 3 Tbsp. butter
- 1 medium onion, diced
- 2 tsp. garlic, minced
- 3 Tbsp. flour
- 1/2 cup chicken or vegetable stock
- 2 cups 3% milk
- 1 tsp. salt or to taste
- 1/2 tsp. black pepper or to taste
- 1/2 tsp. paprika
- 3-4 lbs. russet potatoes
- 2 cups cheddar cheese, grated
- Parsley for garnish
INSTRUCTIONS
- Preheat oven to 400F.
- Grease a 9x13" pan or equivalent and set aside.
- In a medium saute pan add the butter and saute the onion over medium heat for about 4 min. Add the garlic and saute for another 1-2 min. Stir in the flour and cook stirring for 1 min. Whisk in the stock and milk slowly. Add in the salt, pepper and paprika. Continue to whisk until mixture bubbles and thickens. Remove from heat and set aside.
- Have all ingredients prepared and then peel and slice the potatoes, into 1/8" slices. Place half of the potatoes in the bottom of the greased pan. Top with 1/2 the sauce and 1 cup of cheddar cheese. Repeat. Bake for 30-40 min. with the cover on or aluminnum foil. Then remove the lid or foil and bake for 30 min. or until bubbly, browned and the potatoes are tender.
- Sprinkle with parsley and serve hot.
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