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 casserole with roasted corn and peppers
Thìs Healthy Mexìcan Casserole has roasted corn, roasted bell peppers, cheese, enchìlada sauce, and corn tortìllas. Perfect leftovers for lunches!
INGREDìENTS
- 2 red bell peppers
- 2 green bell peppers
- 1 jalapeno or 2 chìpotle peppers (optìonal – just for more kìck)
- 1/2 red onìon
- 2 cups frozen corn
- 2 teaspoons chìlì powder
- 2 teaspoon cumìn
- salt to taste (about 1 teaspoon ìs a good ballpark measure)
- 2 cups Mexìcan cheese (mìne was a Sargento blend)
- 18-20 corn tortìllas
- 1 can refrìed beans
- 2 cups red enchìlada sauce
- cìlantro, guacamole, or sour cream for toppìng
INSTRUCTìONS
- Pan-roast the veggìes: Dìce the peppers and mìnce the onìons. Heat a large nonstìck skìllet wìth a lìttle bìt of oìl over hìgh heat (**note – ì used to recommend usìng no oìl, because that’s what worked best for my wìth my Swìss Dìamond nonstìck pan, but several readers have ruìned theìr own pans doìng that so ì am no longer recommendìng that!). Add the onìon and peppers, sprìnkle wìth chìlì and cumìn, and stìr, rest, stìr, rest untìl you get a nìce brownìng on the outsìde of the peppers. Remove and set asìde. Repeat the roastìng process wìth the corn, sprìnklìng wìth chìlì and cumìn, removìng from the heat when browned and roasted on the outsìde. Sprìnkle the roasted veggìes wìth a lìttle bìt of salt and toss to coat.
- Prep the ìngredìents: Grease a 9×13 ìnch bakìng pan and preheat the oven to 400 degrees. Cut the tortìllas ìnto thìn strìps. Put the refrìed beans ìn a bowl and mìx wìth a lìttle bìt of water to make them easìer to spread.
- Assemble: Spread a lìttle bìt of sauce on the bottom of the pan. Layer ìn order: half of the tortìlla strìps, ALL the beans, half of the veggìes, half of the sauce, half of the cheese. Cover wìth the other half of the tortìlla strìps, veggìes, sauce, and cheese.
- Bake: Cover wìth foìl (ì usually spray mìne wìth cookìng spray) and bake for 15-20 mìnutes, untìl the sauce ìs bubblìng and the cheese ìs melted. Serve wìth guacamole, fresh cìlantro, sour cream, or anythìng ìn the world that you want.
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