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!
Easy Lazy Day Lasagna
This easy Lasagna recipe is perfect for busy weeknights! An amazing comfort dish that the whole family will love. I use a few tricks and a super simple recipe that yields sensational results. Lasagna doesn't have to be reserved for weekends any longer!
Ingredients
- 1 lb dry lasagna noodles (you'll use a little more than half the box)
- 1 lb lean ground beef (or half beef and half pork)
- 24 oz jar marinara or pasta sauce - your favorite brand
- 2/3 cup water
- 15 oz container ricotta or cottage cheese
- 12 oz mozzarella cheese divided
- 1 tsp Italian seasoning
Instructions
- Preheat the oven to 375.
- Lightly spray a 9 x 13 baking dish with non-stick cooking spray.
- Spread 2/3 cups of the marinara sauce on the bottom of the baking dish.
- Top with lasagna noodles.
- Brown the ground beef in a large skillet. Drain off the fat.
- Pour in the remaining marinara sauce. Add the water to the jar, replace the lid and shake to loosen up the remaining sauce. Pour into the skillet and stir in.
- Simmer the meat sauce for 5 minutes.
- Scatter about one-third of the ricotta cheese on top of the lasagna noodles. Sprinkle on 3 oz of the mozzarella cheese. Top with about one-third of the meat sauce.
- Add another layer of lasagna noodles and press down slightly.
- Repeat with ricotta cheese, mozzarella cheese and meat sauce - two more times.
- Top with remaining mozzarella cheese and sprinkle with Italian seasoning.
- Cover tightly with aluminum foil and bake for 45 minutes until the noodles are fork-tender. (The additional water and the steam created by covering the baking dish will cook the noodles.)
- Remove aluminum foil and bake for another 7-8 minutes or until cheese is nice and bubbly.
- Let the lasagna rest for at least 15 minutes before serving.
Nutrition Facts
Easy Lazy Day Lasagna
Amount Per Serving
Calories 431Calories from Fat 153
% Daily Value*
Total Fat 17g26%
Saturated Fat 9g45%
Cholesterol 85mg28%
Sodium 819mg34%
Potassium 655mg19%
Total Carbohydrates 34g11%
Dietary Fiber 2g8%
Sugars 5g
Protein 33g66%
Vitamin A17.2%
Vitamin C7.2%
Calcium38.7%
Iron17.7%
* Percent Daily Values are based on a 2000 calorie diet.
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