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!
CAULIFLOWER BUFFALO BITES
Buffalo Chicken Wings are one of my favorite appetizers and one of our favorite restaurants serves the best! I’m still trying to perfect a copycat recipe so I’ll let you know when I do. So, this post is not to say that I’ll never eat chicken wings again, but Cauliflower Buffalo Bites are so tasty and full of the perfect Buffalo chicken wing goodness without all the bad fat from the wing skins. Plus if like me, you have someone in your house who doesn’t eat meat (in our case a young person who won’t eat chicken since we have pet chickens), this is the perfect option for them.
Ready in less than 30 minutes, the cauliflower bakes twice in the oven. The cauliflower first goes in with some dry seasonings and gets roasted just enough and then tossed with the wing sauce and butter (coconut oil works great for vegan option). The reason for baking twice is, you don’t want the wings to get soggy and this helps prevent sogginess from happening. I must insist one thing for your cauliflower buffalo bites; be sure to use Frank’s Buffalo Style Hot Sauce for the recipe. It makes all the Buffalo Wing difference!
Make these up for any party or an amazing side dish. Frank's Buffalo Style Wing Sauce is a must for this recipe.
Ingredients
- 1 large head cauliflower, cut into bite-size florets
- Olive oil to drizzle
- 2 teaspoons garlic powder
- 1/4 teaspoon salt
- 1/8 teaspoon pepper
- 1 tablespoon melted butter. Use coconut oil for vegan option
- 1/2 to *3/4 cup Frank's Buffalo Wing Style hot sauce or other hot wing sauce of choice
- Other: 1 gallon or larger size plastic bag
- *I probably use about 2/3 cup of hot sauce and they have just enough heat.
Instructions
- Preheat oven to 450F degrees.
- Place cauliflower florets into plastic bag. Drizzle olive oil over florets to barely coat.
- Add garlic powder, salt and pepper. Close bag and toss ingredients around so all florets are coated.
- Place on ungreased cookie sheet or baking pan and bake on middle rack for 15 minutes, turning florets once during baking. Check them at the 10 minute mark for desired tenderness. You don't want them to be soggy!
- Remove florets from oven. Melt butter in medium glass bowl. Add hot sauce to butter. Toss cauliflower and stir to cover all florets with hot sauce. Start with about half the sauce and add more to your taste.
- Return to oven and cook for additional 5 minutes.
- Serve with any dip you like, ranch dressing or Blue Cheese dip.
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