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!
Creamy Tomato and Spinach Pasta
Easy wins again! I’m on day 6 of an 8 day work week, so that means two things: I’m tired and I’m hungry. Quick skillet pasta dishes like this Creamy Tomato and Spinach Pasta are perfect for such an occasion. They require only a few ingredients, cook up super fast, and leave me feeling full and happy! :)
Anyway, tomorrow is Monday (again) and the week will be long, so I hope this recipe helps make dinner time a little faster, easier, and more enjoyable for you this week! Enjoy!
INGREDIENTS
- 1/2 lb penne pasta ($0.89)
- 1 small onion ($0.25)
- 2 cloves garlic ($0.16)
- 1 Tbsp olive oil ($0.16)
- 15 oz can diced tomatoes ($0.59)
- 1/2 tsp dried oregano ($0.03)
- 1/2 tsp dried basil ($0.03)
- pinch red pepper flakes (optional) ($0.02)
- 1/2 tsp salt ($0.03)
- freshly cracked pepper to taste ($0.05)
- 2 Tbsp tomato paste ($0.11)
- 2 oz cream cheese ($0.48)
- 1/4 cup grated Parmesan ($0.42)
- 1/2 9 oz. bag fresh spinach ($0.50)
INSTRUCTIONS
- Bring a large pot of water to a boil over high heat. Add the pasta and cook until tender (7-10) minutes. Drain the pasta in a colander.
- While waiting for the pasta to cook, dice the onion and mince the garlic. Cook both in a large skillet with the olive oil over medium-low heat until softened and transparent (about 5 minutes).
- Add the diced tomatoes (with juices), oregano, basil, red pepper flakes, salt, and some freshly cracked pepper to the skillet with the onions and garlic. Stir to combine. Add the tomato paste and a 1/2 cup of water to the skillet and stir until the tomato paste is dissolved into the sauce.
- Turn the heat down to low. Cut the cream cheese into a few pieces and then add them to the skillet with the tomato sauce. Use a whisk to stir the sauce until the cream cheese has fully melted in and the sauce is creamy. Add half of the Parmesan to the skillet and whisk until it is melted in. Add the remainder of the parmesan and whisk until melted in again.
- Add the fresh spinach and gently stir it into the sauce until it has wilted (3-5 minutes). Add the pasta and stir until it is well coated in the creamy tomato sauce. Taste and adjust the salt and pepper as needed. Serve warm.
Source: budgetbytes.com
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