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!
Homemade Mac and Cheese Casserole
Homemade Mac and Cheese is a rich, creamy casserole that is truly a show stopper! Not only is this creamy macaroni and cheese recipe easy to make it, has a special ingredient making it extra delicious!
This dish has so much velvety cheese in a quick homemade sauce that, once you try it, this is going to be the only baked macaroni & cheese dish you’ll ever need!
Today the weather decided that it would not take the day off and prevent any outdoor cooking with continuous showers. But that’s okay, I can adapt! In fact, I made 2 recipes from this month’s @cookscountry !
First up is the Easy Macaroni and Cheese Casserole recipe by goddess of meat, Morgan Bolling @mmbolling3 The hardest part is pushing cheese through a food processor shredder. You don’t even have to boil the macaroni! The classic creamy Mac and cheese just got even easier. Then we had the Quick Pulled Chicken Sandwiches with Red Cabbage Slaw, found in the quick recipe cards it made for a perfect Labor Day dinner as neither were very laborious.
This homemade Mac and Cheese Casserole is the best you've ever had. Tender noodles in a velvety sauce for the perfectly irresistible dish!!
INGREDIENTS :
- 12 oz dry macaroni
- 1/4 cup butter
- 1/4 cup flour
- 1 1/2 cups milk
- 1 cup light cream about 10-12% MF
- 1/2 teaspoon dry mustard powder
- 1 teaspoon onion powder
- salt & pepper to taste
- 1 can condensed cream of cheddar soup optional 10.75oz
- 4 cups sharp cheddar divided
- 1/2 cup fresh parmesan cheese
INTRUCTIONS :
- Preheat oven to 425 degrees.
- Cook macaroni according to package directions. Drain and run under cold water.
- Melt butter over medium heat in a large saucepan. Whisk in flour and let cook 2 minutes while stirring. Slowly whisk in cream, milk, mustard powder onion powder, salt and pepper to taste. Cook over medium heat while stirring until thickened.
- Remove from heat and stir in parmesan cheese & 3 cups cheddar cheese until melted. Add soup if using.
- Toss cheese sauce & macaroni noodles together. Pour into a greased 9×13 pan. Top with remaining cheese.
- Bake 18-24 minutes or until bubbly. Do not over cook. Cool 10-15 minutes before serving.
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