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!
BANGIN’ BREAKFAST POTATOES
I start with my cast iron skillet. Any skillet will work, but just remember the darker the skillet the darker your product. Dice up the potatoes, toss them in minimal olive oil, and cook them up until nice and brown. Just as the pan is au sec, or nearly dry, throw in some diced raw bacon. Dicing raw bacon can be a pain and I’ve seen some resulting knife cuts, so just before your potatoes start to cook throw the bacon in the freezer! Dicing frozen bacon will change your life. Forever.
The bacon will render which will further cook the potatoes and add a whole new level of flavor. Speaking of flavor, I season my potatoes with salt, pepper, and Old Bay. The key is to lightly season throughout the entire cooking process, that way you build flavor.
Golden brown potato bites cooked in crispy bacon, aromatic garlic, and caramelized with delicious sweet maple syrup. A delicious breakfast treat!
Ingredients
- 3 medium golden potatoes - skin on
- 1 tablespoon olive oil, plus more if needed
- 2 pieces of bacon
- 1-2 garlic cloves, minced
- 1 tablespoon pure maple syrup
- parsley for garnish
- salt
- pepper
- Old Bay
Instructions
- Before you do anything, freeze your bacon slices that way when you're ready to prep, it'll be so much easier to chop!
- Wash the potatoes and cut medium dice into square pieces. To prevent any browning, place the already cut potatoes in a bowl filled with water.
- In the meantime, heat 1-2 tablespoons of oil in a large skillet over medium-high heat. Tilt the skillet so the oil spreads evenly.
- Once the oil is hot, drain the potatoes and add to the skillet. Season with salt, pepper, and Old Bay as needed.
- Cook for 10 minutes, stirring the potatoes often, until brown. If needed, add a tablespoon more of oil.
- Chop up the bacon and add to the potatoes. The bacon will start to render and the fat will begin to further cook the potatoes. Toss it up a bit! The bacon will take 5-6 minutes to crisp.
- Once the bacon is cooked, reduce the heat to medium-low, add the minced garlic and toss. Season once more. Add dried or fresh parsley. Control heat as needed.
- Let the garlic cook until fragrant, about one minute.
- Just before serving, drizzle over the maple syrup and toss. Let that cook another minute, giving the potatoes a caramelized effect.
- Serve in a warm bowl with a sunny side up egg!
Notes
This served 3 people in my household, easily bump up the amount of potatoes if serving more!
If turkey bacon is preferred, add a little more oil throughout cooking process.
Red potatoes work well too!
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