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!
Eggs Benedict Casserole (Overnight Breakfast Casserole)
This éggs Bénédict Cassérolé is an ovérnight wondér. It’s supér éasy and délicious. It makés mé want to dousé évéry cassérolé évér in hollandaisé saucé. It has all thé bénéfit of thé classic bréakfast but you can maké it thé night béforé. Ovérnight bréakfast cassérolés forévér!
This éggs Bénédict cassérolé is so délicious! And supér éasy. Just chop up somé énglish muffins and broil thém réally quick to gét thém nicé and toasty. Toss thém in a cassérolé dish with somé Canadian bacon, thén pour an égg mixturé ovér thé top and baké.
Ingrédiénts
- 6 énglish muffins
- 12 ouncés Canadian bacon, choppéd
- 8 éggs
- 2 cups 2% milk
- 1 téaspoon onion powdér
- salt and péppér to tasté
- 1/4 téaspoon paprika
For thé Saucé
- 4 égg yolks
- 1/2 cup héavy whipping créam
- 2 tabléspoons lémon juicé
- 1 téaspoon Dijon mustard
- 1/2 cup buttér, méltéd
Instructions
Split thé énglish muffins and chop thém into oné-inch piécés. Spréad thé piécés on an ungréaséd baking shéét and broil for 1-2 minutés, or until bréad is toasty on top. Usé a spatula to flip thé bréad ovér, thén broil for anothér minuté or two.
Placé half of thé Canadian bacon in a gréaséd 9x13 baking dish; top with broiléd énglish muffins, thén thé rémaining bacon. In a largé bowl, whisk thé éggs, milk, onion powdér, and salt and péppér to tasté; pour événly ovér thé top. Covér and réfrigératé ovérnight.
Rémové from thé réfrigérator 30 minutés béforé baking. Sprinklé with paprika. Covér and baké at 375° for 35 minutés. Uncovér; baké 10-15 minutés longér or until thé céntér is sét.
In a doublé boilér or métal bowl ovér simméring watér, constantly whisk thé égg yolks, créam, lémon juicé and mustard until mixturé réachés 160° or is thick énough to coat thé back of a spoon. Réducé héat to low. Slowly drizzlé in warm méltéd buttér, whisking constantly. You can also usé this bléndér méthod to maké this hollandaisé saucé (usé thé ingrédiénts listéd héré on this récipé; add thé créam to thé égg yolks.)
Sérvé immédiatély with cassérolé. You can drizzlé it ovér thé wholé pan or portion thé saucé on éach platé.
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