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!
Fettuccine Alfredo (Olive Garden Copycat)
I wanted to make Alfredo recipe, so instead of going for a store bought jar, made an attempt with homemade Alfredo sauce like the one from Olive Garden ,and it turned out so good and so creamy.We all wiped the plates clean and also the pan :)
I wanted to make it with some shredded Chicken in it but was running short on boneless chicken to incorporate , so I made a Vegetarian one.
Those of you who want to try the Chicken version can use Chicken or any other meat of your choice, I think this dish will even taste awesome with Clams/Mussels or Shrimps.
I made this on lazy Sunday afternoon for lunch and it took hardly 30 mins to fix lunch for me. So may be if someone wants to try it on a weeknight as well,it will be so amazing and so good to have dinner fixed so fast.
Creamy,dreamy,delicious,so easy just like from Olive garden- Fettuccine Alfredo! You will love this recipe.
INGREDIENTS :
- 1 Cup Grated Parmesan Cheese
- 1/2 tsp Garlic,grated fresh
- 1 tsp Garlic Powder
- 1 tsp Parsley Flakes
- 2 tsp Black Pepper Powder
- As per need Salt
- 0.5 lb / 230 Grams Fettuccine or Pasta of your choice
- 1/4 Cup Butter ,softened/ at room temperature
- 1/4 Cup Cream Cheese ,softened / at room temperature
- 1 Cup Heavy Cream
- 1/2 Cup Milk,at room temperature / warm
INTRUCTIONS :
- Cook fettuccine as per package instructions.
- Keep this aside,tossed with few drops of oil.
- In a pan,add butter,when it melts on medium heat.
- Add garlic grated and saute for few seconds.
- Add cream cheese,cream,milk,garlic powder,pepper powder,parsley,salt and Parmesan.
- Keep this on medium on low flame and keep whisking it with a egg whisk till fully incorporated and not with lumps.
- Make sure the sauce is smooth and creamy.
- Throughout keep the sauce on low flame possibly.
- Switch off the flame and add the pasta, toss well.
- Served immediately.
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