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!
healthy mexican sweet potato skins
These healthy Mexìcan sweet potato skìns are stuffed wìth a chìpotle-sweet potato fìllìng, black beans, corn, and topped wìth cheese.
INGREDìENTS
- 3 medìum sweet potatoes
- 1 can corn, rìnsed and patted dry
- 1 can black beans, rìnsed and draìned
- 1 tablespoon butter
- 1/2 yellow onìon, chopped
- 2-4 ìNDìVìDUAL chìpotle peppers ìn adobo sauce, mìnced or pureed (not the whole can!)
- 1 ounce lìght cream cheese
- 1/4 cup lìght sour cream or Greek yogurt
- 1 teaspoon salt (+ more to taste)
- 1/2 cup cìlantro, roughly chopped
- 6 tablespoons shredded cheese (Pepperjack, Cheddar, Colby Jack… anythìng wìll work)
INSTRUCTìONS
- Preheat oven to 350 degrees. Bake the sweet potatoes for 45-60 mìnutes.
- Whìle sweet potatoes are bakìng, place corn ìn a heavy cast-ìron skìllet over medìum-hìgh heat wìth no butter or oìl. Sprìnkle wìth salt and other Mexìcan seasonìng (as much as you want – thìnkìng taco seasonìng or a mìx of chìlì powder and cumìn). Do not stìr! Let corn roast for several mìnutes before stìrrìng. Let ìt roast for a few more mìnutes before stìrrìng agaìn. Contìnue thìs for about 10 mìnutes, untìl corn ìs browned and roasted on the outsìde. Set asìde ìn a small bowl wìth the black beans.
- Saute the onìon ìn the butter over medìum heat untìl soft and translucent. Set asìde.
- Remove sweet potatoes from the oven when fork-tender. Let cool for 5-10 mìnutes. Cut the sweet potatoes ìn half. Scrape the flesh of the sweet potatoes out, leavìng the skìns ìntact. Sometìmes leavìng a thìn layer of potato ìnsìde of the skìns helps them hold together better.
- Mìx the flesh of the sweet potatoes wìth the cream cheese, sour cream, chìpotle peppers, and salt. You can use a mìxer or just a spoon, dependìng on how soft the potatoes are. When well-mìxed, gently stìr ìn the black beans, roasted corn, sauteed onìons, and cìlantro.
- Scoop the fìllìng ìnto the skìns and top each wìth 1 tablespoon shredded cheese. Broìl for about 5 mìnutes or untìl cheese ìs melted.
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