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!
HAM AND CHEESE POCKETS
These Ham and Cheese Pockets are completely homemade all from scratch! Great for lunch, snacks or picnics! So good and delicious, your whole family will fall in love with these!
You know what makes my belly really happy? This is it right here! Ham and cheese pockets, completely homemade. This sandwich brings me happiness and comfort. They’re oozing with gooey cheese and loaded with yummy ham! It’s kind of like a grilled cheese, but way better. It’s a glorified grilled cheese sandwich. Maximum taste and maximum calories, but hey, who’s counting calories!
So good and delicious, your whole family will faThese Ham and Cheese Pockets are completely homemade all from scratch! Great for lunch, snacks or picnics! So good and delicious, your whole family will fall in love with these!ll in love with these
Ingredients
- For Dough
- 1 tsp active dry yeast
- 1 tbsp sugar
- ⅔ cup water lukewarm
- 3 cups all-purpose flour
- 1 tsp salt
- ½ cup butter unsalted, melted
- 2 eggs
- For Pockets
- 2 cups cheddar cheese shredded
- 8 slices ham sliced medium
- 1 egg beaten, for egg wash
- 1/4 cup Parmesan cheese grated
- 1 tbsp parsley dried, optional
Instructions
In a small bowl mix the yeast, sugar and water together and let the yeast rest for about 10 minutes, until it dissolves and starts bubbling up.
In the bowl of your mixer add the flour, salt, butter, eggs and yeast mixture and mix for about 5 minutes. Dough should be soft, but not sticky. If dough is sticky add a bit more flour and continue mixing until it comes clean from the sides of the bowl. Place the dough in an oiled bowl, cover with plastic wrap and let rise until doubled in size in a warm place. It should take about an hour.
Preheat oven to 350 F degrees. Line a baking sheet with parchment paper.
Roll out the dough so that it's about 14 inches by 18 inches and about 1/4 inch in thickness. On half of the dough sprinkle all the cheddar cheese. Lay the ham slices over the cheese. Fold the dough over the filling and if you want you can pinch the ends together, but not really necessary.
Cut the dough into 8 pieces. Place the pockets on the prepared baking sheet.
Brush with egg wash. Sprinkle each piece with Parmesan cheese and parsley. Let the pockets rest and rise a bit, for about half hour.
Bake in the preheated oven for about 20 to 25 minutes or until golden brown. Serve warm.
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