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!
Taco Braid
This Taco Braid made with crescent roll dough (or pizza dough) is such an easy and delicious dinner, you are going to want to make it again and again. Made with ground beef, taco seasoning, cheese, and salsa, this crescent braid could not be more simple. It is a fun twist on my Chicken Pot Pie Crescent Braid! If you want more tacos that aren’t tacos make sure you look at this Taco Pasta Salad and these Taco Stuffed Peppers!
Some other great twists on taco night are this Taco Chili that you can make in the Instant Pot, stovetop, OR the slow cooker (!!). These totally dreamy and comforting Stuffed Taco Shells. And I can’t get enough one pot meals! – One Pot Taco Casserole.
Ingredients
- 1 seamless crescent roll dough
- 1 pound ground beef
- 1 packet of taco seasoning
- 1 cup salsa
- 1 1/4 cup cheddar cheese divided
- fresh tomato and lettuce and jalapeños for topping
Instructions
- Preheat your oven to 375 degrees.
- In a large skillet over medium heat, cook the ground beef until no longer pink. Drain the fat. Stir in the taco seasoning and the salsa. (Do not add water.) Set aside.
- Spread the crescent roll dough out on a silicon mat or parchment paper and place that on a baking pan. Leaving three inches in the middle, make cuts down the side of the dough an inch apart on both sides.
- Spread the beef mixture down the middle of the braid. Top with 1 cup of the cheddar cheese. Take a strip of dough from one side and fold it over the middle mixture. Then take a strip from the other side and fold it over the middle. Continue down the dough, alternating sides until it is completely folded over.
- Pinch the ends of the dough to keep the filling inside while it bakes.
- Sprinkle the remaining cheddar cheese over the top of the braid.
- Bake for 20 to 25 minutes so that the top is nice and golden brown.
- Let stand about 10 minutes before topping with your favorite taco ingredients, cutting into it, and serving.
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