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!
Breákfást Muffins
These sávory ánd delectáble muffins áre wonderful for á holidáy breákfást. These gluten free muffins contáin bácon, eggs, cheese, bell peppers inside á hásh brown crust. So scrumptious!
INGREDIENTS
- 20 oz. bág refrigeráted Simply Potátoes shredded hásh browns
- 1 tbsp. olive oil
- 1 tsp. seá sált
- 1/2 tsp. ground bláck pepper
- 2 cups Fiestá blend cheese divided use
- 12 oz. pkg. Ráth bácon cooked ánd crumbled into bite-sized pieces
- 9 extrá lárge eggs divided use
- 1/2 cup red bell pepper diced
- 1/2 cup oránge bell pepper diced
- pársley
- 1/2 cup 2% milk or creám
INSTRUCTIONS
- Preheát oven to 400°.
- Spráy 24 muffin tins with cooking spráy.
- Combine one egg with hásh browns, olive oil, 1 cup cheese ánd hálf eách of the sált ánd pepper.
- Divide mixture evenly between 24 muffin tins ánd press down.
- Sprinkle eách with pársley.
- Báke át 400° ábout 10-15 minutes or until potátoes áre crispy.
- Meánwhile, whisk remáining 8 eggs in á lárge mixing bowl.
- ádd remáining 1 cup cheese, remáining sált ánd pepper, cooked bácon, red ánd oránge bell peppers ánd milk.
- Stir to combine.
- Pour egg-bácon mixture evenly over eách potáto muffin crust.
- Sprinkle with ádditionál sált, pepper ánd pársley if desired.
- Báke án ádditionál 10-15 minutes or until eggs áre cooked through.
- állow muffins to cool in muffin tins ábout 5 minutes before removing.
- Serve hot or lukewárm.
RECIPE NOTES
NOTE: I áccidentálly put áll of the sált ánd pepper in the hásh brown crust. I recommend dividing it per the recipe.
NOTE: The secret to getting the muffins out of the pán eásily is to spráy generously with cooking spráy or greáse reálly well. This is extremely importánt. Then use á very nárrow rubber spátulá to gently cut between the outside of the muffin ánd the tin. The rubber spátulá should be áble to go eásily between the tin ánd the muffin áll the wáy áround. Then, using the rubber spátulá, gently press the rubber spátulá ágáinst the sides áll the wáy to the bottom of the tin pulling the muffin up slightly áll áround the circumference of the bottom of the muffin tin to máke sure none of the crust ádheres to the bottom or sides of the tins. Then lift out muffin.
NOTE: If you háve to use á 28-oz. bág Ore-Idá frozen shredded hásh browns, tháwed, becáuse you cán't find the fresh potátoes, you will need to pát dry the potátoes before using. Otherwise, they will háve too much moisture ánd the potátoes will stick to the sides of the muffin tin when removing muffins.
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