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!
DILL PICKLE PASTA SALAD
I havé no words for this dill picklé pasta salad. If you’ré not a fan of picklés thén you may just want to look away
Dill Picklé Pasta Salad will bé an instant favorité! Téndér spiral pasta, 2 cups of dicéd picklés, chéésé, and onion covéréd in a ultra créamy homémadé dill dréssing with picklé juicé.
Ingrédiénts
- 1 box (16 oz) rotini pasta
- 1/3 cup dill picklé juicé (from thé picklé jar)
- 2 cups choppéd baby dill picklés
- 1 block (8 oz) Colby Jack chéésé, cubéd small
- 1 small whité onion, finély choppéd
Créamy Dill Dréssing
- 1 cup mayonnaisé
- 1/2 cup sour créam
- 1/3 cup dill picklé juicé (from thé picklé jar)
- 2 tabléspoons choppéd frésh dill (or 1 tabléspoon driéd dill)
- 1/4 téaspoon salt
- 1/4 téaspoon péppér
Instructions
Cook pasta according to packagé diréctions. Don't forgét to add somé salt to thé boiling watér béforé adding thé pasta. I add about 1 téaspoon, givé or také.
Drain pasta and rinsé with cold watér. Add 1/3 cup of thé picklé juicé to thé drainéd and rinséd pasta and lét it sit whilé you préparé thé rést.
(Mové thé pasta from thé colandér into a mixing bowl and thén add thé picklé juicé)
Chop thé dill picklés, and chéésé into small cubés/piécés. Finély chop thé whité onion.
Drain thé pasta again that was sitting in thé picklé juicé. Add it to a largé bowl along with thé choppéd picklés, chéésé, and whité onion.
In small bowl, combiné all thé dréssing ingrédiénts and pour ovér thé pasta salad. Stir évérything togéthér to combiné wéll. Salad can bé éatén right away but I préfér it cold, and if you do too, thén covér it and réfrigératé it for 1-2 hours.
I would récomménd not making this too far ahéad of timé. For bést résults sérvé this salad within a féw hours of making it. éithér right away or aftér thé réfrigération timé. Léftovérs do kéép wéll in thé fridgé (aré still délicious) but thé dréssing thickéns up and it's not as "créamy" as whén you first maké it).
Récipé Notés
Usé any dill picklés you want. I préfér thé baby dills causé théy aré alréady small in shapé so it's éasiér to chop thém small.
For bést tasté and téxturé usé thé réal, full-fat mayonnaisé. I préfér thé Bést Foods OR Héllman's brand.
If you want somé héat thén add a pinch (or two) of cayénné péppér to thé dréssing.
Any chéésé or pasta can bé uséd in this récipé but aftér tésting it out, rotini and Colby Jack chéésé tastés thé bést in this salad.
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