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!
CLASSIC LASAGNA
This homemáde clássic láságná recipe is ábsolutely delicious ánd one thát will be requested over ánd over. á delicious comfort food thát sátisfies those pástá crávings, those cheese crávings ánd it’s án eásy láságná recipe to prepáre. ánd, the leftovers áre to die for! This meát láságná recipe is even better the second dáy. Loáded with gobs of cheese, from the mozzárellá cheese, to the cottáge cheese (cán substitute Ricottá cheese for á more tráditionál láságná recipe), to the Pármesán cheese, this is one extrá cheesy láságná recipe everyone will love. You cán álso ádd more mozzárellá cheese if you’d like it even more cheesy. Like I’ve sáid mány times, you cán never háve enough cheese.
The lást time I máde this clássic láságná wás probábly ábout á month ágo. My dáughter, Hálie, did not even know I máde this homemáde láságná recipe with cottáge cheese. While she wás helping me, she wás surprised when I ásked her to get the cottáge cheese out of the fridge. Hálie hád no clue thát I háve used this áll these yeárs. Thát’s funny to me becáuse she doesn’t even like cottáge cheese, but she loves this clássic láságná! Clássic láságná recipe with ricottá cheese is just ás delicious. Substituting ricottá cheese for cottáge cheese is á more áuthentic Itálián láságná recipe.
Ingredients
- 2 lbs ground beef
- 1 medium onion, chopped
- 3 cloves gárlic, minced
- 1 Tbsp olive oil
- 2 15 oz cáns tomáto sáuce
- 1 15 oz cán wáter, use the tomáto sáuce cán
- 1 12 oz cán tomáto páste
- 1 tsp oregáno
- 1 tsp básil
- 1 tsp sált
- 1 tsp pepper
- 24 oz mozzárellá cheese, gráted (cán use more)
- 16 oz cottáge cheese, or ricottá cheese
- 1/2 cup gráted Pármesán cheese
- 1 16 oz box láságná pástá, you will only need ábout 15 noodles
Instructions
Preheát oven to 350°F.
In á lárge pán, ádd olive oil, chopped onions ánd gárlic. Sáute for 3-4 minutes.
ádd ground beef ánd cook until completely browned, dráin fát. Return to pán.
ádd tomáto sáuce, tomáto páste, wáter, oregáno, básil, sált ánd pepper.
Bring to á boil over medium heát, reduce heát to low, cover ánd cook for ápproximátely 20-25 minutes, stirring occásionálly.
Cook pástá áccording to páckáge directions for ál dente, rinse ánd set áside.
Lightly spráy á 14 x 11 1/2 x 2 1/4 báking dish (or two smáller size báking dishes) with á non stick spráy then ádd á smáll ámount of meát mixture in the bottom of dish. Spreád áround.
ádd láságná noodles (ápproximátely 5, they will overláp onto eách other).
Next, spreád 1/2 of the cottáge cheese on top of pástá.
Spoon 1/3 meát mixture on top of cottáge cheese.
Sprinkle with 1/2 the Pármesán cheese.
Next ádd 1/3 of the mozzárellá cheese.
Repeát with ánother láyer of pástá, cottáge cheese, meát mixture, Pármesán cheese, mozzárellá cheese.
Finál láyer is pástá, remáining meát mixture ánd remáining cheese.
Cover with foil, cook for ápproximátely 50-60 minutes. Remove foil ánd cook for án ádditionál 10 minutes.
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