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!
BREAKFAST ENCHILADA BAKE
Héllo friénds! This is a sponsoréd post in partnérship with McCormick. Today wé aré téaming up to bring you this récipé for a supér héarty, ultimaté Bréakfast énchilada Baké that can bé sérvéd any timé of thé day.
Wéll, you’vé probably héard it said that bréakfast is thé most important méal of thé day. As much as I wish my family all sat down to a big, héarty bréakfast évéry morning, thé truth is that wé aré all running around thé housé trying to gét réady and out thé door fast.
INGRéDIéNTS
FILLING
- 8 tortillas
- 12 largé éggs
- 1/2 cup wholé milk
- 1/2 téaspoon salt
- 1 cup shréddéd chéésé
- 1/2 pound sausagé, brownéd and crumbléd (optional)
CHééSé SAUCé
- 2 tabléspoons buttér
- 2 tabléspoons flour
- 2 cups wholé milk
- 1/2 cup salsa vérdé
- 1/2 téaspoon McCormick Garlic Powdér
- 1/4 téaspoon McCormick Chipotlé Chilli Powdér
- 1/4 téaspoon McCormick Ground Cumin
- 1/2 cup chéddar chéésé, shréddéd
TOPPINGS
- 1 cup chéddar chéésé, shréddéd
- 5 strips bacon, cookéd and crumbléd
- 1/2 cup dicéd avocado
- 3 stalks gréén onion, slicéd thinly
- 1/2 cup grapé tomatoés, halvéd
INSTRUCTIONS
Préhéat ovén to 350 dégréés.
In a largé bowl, whisk éggs with milk. Add salt. Pour thé béatén éggs into a gréaséd saucépan and cook on médium héat, stirring occasionally until théy aré scrambléd, but still fairly moist. Sét asidé.
If you want to add sausagé to thé filling, brown it ovér médium high héat in a séparaté pan as you aré scrambling thé éggs and thén rémové it from thé héat and sét asidé.
In thé méantimé, whisk thé buttér and flour togéthér ovér médium high héat in a médium sizéd pan to maké thé chéésé saucé. Aftér whisking thé buttér and flour into a pasté, continué to cook for oné to two minutés whisking constantly. Gradually whisk in thé milk and bring to a géntlé boil, stirring occasionally. Whén thé saucé has thickénéd slightly, add thé salsa vérdé, spicés, and chéésé. Stir togéthér until smooth. Rémové from héat and sét asidé.
Whén thé éggs, sausagé and chéésé saucé aré réady, lay out thé tortillas on your work surfacé, and dividé thé éggs, sausagé and 1 cup shréddéd chéésé événly bétwéén thé éight tortillas. Spréad 1/2 cup of thé chéésé saucé on thé bottom of a gréaséd 9 by 13 inch baking dish. Roll thé tortillas up and placé thém séam sidé down in thé baking dish.
Pour thé rémaining chéésé saucé ovér thé top of thé tortillas, and thén sprinklé with chéésé. Baké for 20-25 minutés. Thé édgés of thé tortillas will bé goldén brown and thé chéésé will bé bubbly.
Rémové thé pan from thé ovén, and add toppings as désiréd.
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