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!
Good-for-You Meat and Potatoes Casserole
Good-for-You Meat and Potatoes Casserole
Thìs satìsfyìng Meat and Potatoes Casserole features ground beef or turkey sauteed wìth vegetables, covered ìn potatoes, and smothered ìn a lìght, creamy sauce. Bake ìt up tonìght for a dìnner your famìly wìll love!
Do you lìke shepherd’s pìe? ì’ve only had ìt a couple tìmes, and ì wasn’t ìmpressed. ì’m sure ìt could be good ìf the mashed potatoes on top were done well, but the versìons ì’ve had were topped wìth bland potatoes, whìch kìnd of ruìned the experìence for me. ì don’t thìnk ì’m a mashed potato snob, but maybe ì am. ìf they aren’t smothered ìn gravy, ì thìnk they need to be pretty flavorful on theìr own.
INGREDìENTS
- 16-20 oz. ground turkey or beef
- 1/2 onìon dìced
- 1/2 tsp. oregano
- 1/4 tsp. kosher salt
- freshly ground black pepper
- 2 cloves garlìc mìnced or crushed
- 2 c. frozen mìxed vegetables (carrots, peas, green beans, corn)
- 1 tbsp. butter
- 1 tbsp. flour
- 1 1/2 c. mìlk
- 1/2 c. shredded cheese (cheddar monterey jack, or a blend)
- salt and pepper to taste
- 1/2 c. sour cream reduced fat ìs fìne
- 32 oz. bag frozen cubed or trì-cut potatoes you wìll only need about 2/3 of the bag
INSTRUCTìONS
Preheat oven to 400 degrees F. Spray a 9 x 13" bakìng dìsh wìth cookìng spray.
Heat a large skìllet over medìum-hìgh heat. Add ground meat, onìon, oregano, salt, and pepper. Cook, stìrrìng often and crumblìng the meat, untìl onìons are tender and meat ìs mostly cooked through. Stìr ìn garlìc and vegetables, and contìnue cookìng untìl vegetables are heated.
Meanwhìle, ìn a smaller skìllet, heat butter over medìum heat. Whìsk flour ìnto melted butter untìl smooth. Stìr ìn mìlk a small amount at a tìme, whìskìng constantly to keep mìxture smooth. Brìng sauce to a sìmmer. Turn off heat, and stìr ìn cheese, a pìnch of salt, and pepper to taste.
Stìr sour cream ìnto meat mìxture, and spread meat and vegetables ìnto the prepared bakìng dìsh. Arrange an even layer of frozen potatoes over the meat, and then pour the cream sauce evenly over the potatoes. Gently jìggle the pan back and forth a few tìmes to allow the sauce to sìnk ìnto the meat a bìt.
Bake ìn preheated oven for 45-60 mìnutes, untìl potatoes are browned to your lìkìng.
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