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!
BUTTERNUT SQUASH AND SPINACH LASAGNA
This Butternut Squash and Spinach Three Cheese Lasagna recipe is healthy, vegetarian, perfect for the Fall and Winter season, and popular with kids! The lasagna combines Ricotta, Parmesan, and Mozzarella cheeses with spinach and pureed butternut squash to create the ultimate Fall & Winter comfort food.
I also tested this lasagna with gluten free noodles, and it works great! I used Tinkyada brown rice lasagna noodles – almost the whole 10 oz package.
Ingredients
Butternut Squash Filling:
- 2 cups butternut squash puree (about half of squash)
- 1 cup ricotta cheese
- 1/2 cup milk (or more, if needed)
- 1/4 + 1/8 teaspoon salt
- 1/4 teaspoon nutmeg
Spinach Filling:
- 1 cup cooked spinach (8 oz uncooked)
- 1 cup ricotta cheese
- 1 cup mozzarella cheese
- 2 garlic cloves, minced
- 1/4 teaspoon salt
- pepper, to taste
- Other Ingredients:
- 10 oz lasagna noodles, cooked (for gluten free, use Tinkyada brown rice lasagna noodles)
- 1 and 1/2 cups mozzarella cheese (or more)
- 1/2 cup Parmesan cheese (on top)
- Italian seasoning
- Paprika
- Basil
Instructions
- Preheat oven to 375 F.
- Butternut Squash Filling:
- For this filling, you will need to have pre-cooked butternut squash puree. Using food processor, combine 2 cups of butternut squash puree with Ricotta cheese, milk, salt and nutmeg. Add more milk if needed (to make the butternut squash filling very creamy). Mix very well, taste and add more salt, if needed.
- Spinach Filling:
- Combine spinach, Ricotta cheese, mozzarella, garlic, salt and pepper. Mix, taste, and add more salt and pepper, if needed.
- Cooking lasagna noodles:
- Bring a very large pot of water to boil, and cook lasagna noodles according to package instructions. Rinse in cold water, drain. Using knife, trim noodles to fit your baking dish (if necessary).
- Lasagna assembly:
- Prepare a baking dish - I used a casserole dish 11 inches x 8.5 inches x 3 inches deep. Grease the lasagna dish lightly with olive oil spray. Spread 1/3 of butternut squash filling on the bottom of the dish. Sprinkle lightly with mozzarella cheese. Top with cooked lasagna noodles without overlapping (I used 3 noodles).
- Spread half of spinach filling over the noodles. Top lightly with Mozzarella cheese. Top with cooked noodles.
- Spread another layer (1/3) of butternut squash mixture, then sprinkle lightly with Mozzarella cheese. Top with cooked noodles.
- Spread the remaining half of spinach filling over the noodles. Top lightly with Mozzarella cheese. Top with the final layer of cooked noodles.
- Spread a generous amount of butternut squash filling (the remaining 1/3) over this final layer of noodles, sprinkle with grated Parmesan and remaining mozzarella cheese (about 1/2 cup of mozzarella). Generously sprinkle the cheese with Italian seasoning, paprika, basil.
- Cover the baking dish with foil and bake for 30 min. Remove foil and bake additional 10 minutes.
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