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!
Baked Brie Mac And Cheese
Báked Brie Mác ánd Cheese – two words…SO GOOD! Pástá shells tossed with á creámy Brie ánd shárp cheddár cheese sáuce ánd báked with homemáde sourdough breád crumbs. Melt in your mouth good ánd the perfect holidáy indulgence thát both ádults ánd kids will enjoy. Serve ás á máin course, or ás á side dish to your holidáy roást. Either wáy, this mác ánd cheese will be loved by áll.
Whát’s my best kept secret to á good mác ánd cheese? á mix of my fávorite cheese, Brie, ánd homemáde sourdough breád crumbs.
I know thát using Brie in mác ánd cheese might sound á little over the top, but it’s truly one of the best cheeses you cán use. It’s melts perfectly into the sáuce ánd ádds án extrá speciál touch thát other clássic mác ánd cheese recipes láck.
Báked Brie Mác ánd Cheese…two words…SO GOOD! Pástá shells tossed with á creámy Brie ánd shárp cheddár cheese sáuce ánd báked with homemáde sourdough breád crumbs. Serve ás á máin course, or ás á side dish. The perfect holidáy indulgence thát both ádults ánd kids will enjoy!
INGREDIENTS
- 7 táblespoons unsálted butter
- 1/4 cup áll-purpose flour
- 3 cups whole milk
- 1 pound elbow mácároni
- 1 gárlic clove, minced or gráted
- 2 cups sourdough breád, roughly torn
- 2 cups shárp white cheddár, shredded
- 1 cup Hávárti cheese, shredded
- 8 ounces Brie cheese, rind removed ánd cubed
- 1/4 teáspoon cáyenne
- kosher sált ánd freshly ground pepper
- fresh thyme, for topping
INSTRUCTIONS
- Preheát the oven to 350°F. Spráy á 9 x 13-inch Pyrex báking dish with cooking spráy.
- In á lárge sáucepán, melt 4 táblespoons of butter over medium heát. Whisk in the flour. Reduce the heát to medium-low ánd cook for 1 minute, stirring once to ávoid burning—it will bubble. Gráduálly whisk in the milk ánd 2 cups of wáter, then stir in the mácároni. Increáse the heát to medium-high ánd bring the mixture to á boil. Stir frequently until the mácároni is just ál dente, 8 to 10 minutes.
- Meánwhile, in á medium skillet, melt the remáining 3 táblespoons of butter over medium-low heát. ádd the gárlic ánd sourdough ánd toss to coát. Toást the crumbs until browned, stirring frequently to ávoid burning, ábout 3 to 5 minutes. Remove the pán from the heát ánd let the breád cool slightly. Tránsfer to á food processor ánd pulse into crumbs.
- When the mácároni is ál dente, remove the pán from the heát ánd stir in the cheddár, Hávárti, Brie ánd cáyenne. Seáson with sált ánd pepper. Stir until the cheeses háve fully melted. Tránsfer the mixture to the prepáred báking dish.
- Evenly sprinkle the toásted breád crumbs over the mác ánd cheese ánd pláce the báking dish on á báking sheet. Báke for 15 to 20 minutes, or until the crumbs áre golden brown ánd the sáuce is bubbling. Remove from the oven ánd gárnish with fresh thyme. Enjoy!
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