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!
Smoked Gouda and Swiss Mac N Cheese with Bacon and Jalapeños
This recipe makes a grown up version of mac n cheese with a smooth, velvety, and smoky Gouda and Swiss cheese sauce that is gently tossed with perfectly al dente penne pasta then topped off with salty crunchy bacon pieces and spicy lightly fried jalapeños.
The ham has been replaced with crispy, salty bacon pieces and the jalapeños are deep fried in the bacon grease. (This alone is TODO (ALL) I need in life!)
Swiss cheese is added in to complete the smoky cheese sauce.
Toss all of those unbelievable elements with perfectly al dente cooked penne pasta and we have an incredible mind-boggling party happening!
Ingredients
- 8 oz bacon, cut into small pieces
- 2 large jalapeños, sliced
- 16 oz box Penne Rigate
Cheese Sauce:- 3 Tbsp. butter
- 4 Tbsp. flour
- 2 c. whole milk
- 3 c. grated smoked Gouda cheese
- 1 c. grated Swiss cheese
- ¼ tsp. black pepper
- ¾ tsp. salt
Instructions
- Heat a medium saucepan over medium high heat. Add the bacon pieces and fry until crispy. Remove the bacon pieces and place on a paper towel to drain and set aside.
- Add the jalapeño slices to the hot bacon grease and gently fry on each side until the jalapeño slices are crispy about 2-3 minutes. Set on a paper towel to drain and set aside.
- Cook the pasta according to the package directions, reserving ½ cup of the cooking liquid.
- In a large stockpot, melt the butter over medium-high heat and add the flour. Whisk and cook for approximately 2 minutes. While continuing to whisk, add the 2 c. whole milk and reduce the heat to medium. Whisk until all the ingredients are well combined. Continue whisking gently and bring the milk mixture to a gentle boil, the sauce will slightly thicken. Add the grated smoked Gouda and Swiss cheese one cup at a time whisking until the cheese is melted in with each addition. Add in the black pepper and salt. Whisk until all the ingredients are well combined and the cheese sauce is smooth. Remove from the heat.
- Gently mix the cooked pasta into the cheese sauce (use small amounts of the reserved cooking liquid at a time to loosen up the sauce if needed).
- Serve immediately topped with crispy cooked bacon and fried jalapeño slices.
Notes
Refrigerate leftovers in an airtight container for up to 4 days. An 8 oz wedge of Smoked Gouda makes approx. 3 cups grated cheese. Make sure to purchase and use SMOKED Gouda and not the regular Gouda. The recipe calls for ½ pkg of 16 oz bacon, you may use more bacon, if desired.
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