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!
CHEESY Heart-shaped Bread Sticks
If you’re making your sweetheart a homemade dinner for Valentine’s Day, these cheesy heart-shaped bread sticks will make it a special meal indeed!
They are made from simple French bread dough, rolled by hand into long ropes, coated with pungent Italian cheese, and baked until crispy on the outside and soft on the inside. This bread requires two risings before the hearts are shaped, so make sure to give yourself enough time to get your CHEESY Heart-shaped Bread Sticks complete in time for your love on Valentine’s day.
CHEESY Heart-shaped Bread Sticks
Makes 20
- 2 1/2 cups very warm water
- 2 packages active dry yeast
- 1 teaspoon sugar
- 6 cups all-purpose white flour
- 1 tablespoon salt
- 1 cup grated Italian 3 Cheese Mix (or fresh Parmesan)
- 1/2 teaspoon garlic powder
Directions:
1) In a large bowl, combine the warm water, yeast, and sugar. Allow it to sit until bubbly – about 5 minutes.
2) If using a stand mixer, use a dough hook attachment. Add three cups of the flour and the salt. Mix well. Add the remaining flour. Let the mixer knead the bread for 5 minutes. If you are making the bread by hand, once the salt and flour is added and thoroughly mixed, put the dough on a floured surface and knead for 7-8 minutes.
3) Place dough in a large greased bowl and let it rise until doubled – about 1 hour.
4) Punch the dough down, flip it over, and allow it to rise again until doubled.
5) Place a large pan of hot water on the bottom rack of the oven and heat the oven to 425 F. The hot water will help make the bread sticks crusty.
6) Chop the shredded cheese lightly to make smaller pieces. Mix with the garlic powder and pour out onto the working surface, behind the area where you will be shaping the hearts.
7) Cover two large baking sheets with parchment.
8) Punch the dough down and divide it into 20 even pieces.
9) Roll each piece into an 18-inch rope. After each rope is made, roll it firmly in the cheese mixture. Pinch the two ends together to form a teardrop shape. On the rounded end, push down in the middle to create the top of the heart, pinching in the middle to make a point.
10) Place 10 hearts on each cookie sheet. Bake for 18-20 minutes. Cheese should be browned and you will see a little bit of golden brown along the bottom of the hearts. Brush lightly with melted butter and sprinkle with salt. May be eaten hot or cold.
*These freeze well when wrapped tightly in foil or in a freezer bag.
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