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!
Southern Baked Macaroni and Cheese Casserole
By now you know I am the queen of macaroni and cheese recipes. I’ve shared so many! I have a southern baked macaroni and cheese recipe, a slow cooker mac and cheese, stovetop macaroni and cheese, and even a soul food macaroni and cheese. I guess it’s safe to say that macaroni and cheese is definitely one of my favorite dishes. There’s just something about creamy cheesy macaroni and cheese that I can’t resist..
I always get asked which macaroni and cheese recipe I like best, but honestly – I love aLL my macaroni and cheese recipes! If you ask me they are all the bomb, like seriously. I know a lot of you LOVE my southern baked macaroni and cheese recipe, while others swear by my slow cooker macaroni, and cheese- and the soul food macaroni and cheese has bee a holiday favorite since I dropped it. HOWEVER, I’m about to blow your minds with this right here southern baked macaroni and cheese casserole recipe!
This creamy and delicious baked mac and cheese is the perfect comfort food side dish for any meal.
Ingredients
- 3 cups uncooked elbow macaroi
- 6 tbsp salted butter
- 3 tbsp all purpose flour
- 3 1/2 cups half & half
- 2 tsp seasoning salt
- 1 tsp ground black pepper
- 16 oz sharp cheddar cheese shredded
- 8 oz mozzarella cheese shredded
- 1/2 cup Italian panko bread crumbs
Instructions
to get started with this amazing southern baked macaroni and cheese casserole, you will have to bring some water to a boil, over high heat.
Once the water is boiling, add in the 3 cups of uncooked elbow macaroni pasta, and cook until it's nice and firm, but not overly cooked.
Next, toss 4 tbsp of salted butter into a large sauce pan, and melt over medium heat.
Once the butter is melted, sprinkle in 3 tbsp of all purpose flour.
Whisk the flour with the butter, and make sure that there aren't any lumps.
Now pour the half & half into the sauce pan, and whisk until smooth.
Let the flour, butter, and half & half mixture cook until it starts to thicken, then reduce the heat to low medium.
add in 8 oz of shredded sharp cheddar cheese, and mix until well incorporated.
Sprinkle the seasoning salt & black pepper in the cheese sauce, and stir.
Place the cooked & drained elbow macaroni pasta into a large bowl, then add in the cheese sauce.
Fold the macaroni and cheese sauce until everything is well incorporated.
Grab a 9x13 bake dish, and butter or lightly oil it.
Combine the remaining shredded sharp cheddar cheese with the shredded mozzarella cheese.
add a layer of the macaroni and cheese at the bottom of the bake dish, then top with a heavy layer of cheese. Repeat
Melt two tbsp of salted butter, and combine it with the Italian panko bread crumbs.
Top the creamy macaroni and cheese casserole with the buttery panko bread crumbs.
Bake in the oven, uncovered, on 350 F for about 25-30 minutes.
Serve & enjoy the best ever southern baked macaroni and cheese casserole!!
Recipe Notes
For best results buy blocks of cheese, and shred it yourself! Store bought shredded cheese has added ingredients, and it doesn't melt as good.
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