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!
Claim Jumper Meatloaf Copycat
This Claim Jumper Meatloaf tastes just like what they serve at the restaurant. Full of chopped vegetables and bursting with flavor!
This meatloaf is TASTY! I’m not even a huge fan of meatloaf, but this is DELICIOUS! The last time we went to Claim Jumper, my husband got the meatloaf and I got.. I don’t even remember.. all I remember is how good the meatloaf was! He gave me a bite or two of it and I was wishing that I had ordered it too. It had so much flavor! I knew that I needed to go home and combine some recipes to try to duplicate it. I think I got pretty dang close (in fact… I think THIS recipe is even BETTER…)! Adults love it, kids love it…. you just can’t lose.
If you are looking for some side dish ideas… this goes great with our loaded mashed potatoes and sauteed sweet asparagus. It also goes great with our Parmesan potato halves and roasted vegetable medley.
Anyway, here is our take on the Claim Jumper Meatloaf recipe (which is a combination of our family’s recipe and Todd Wilbur’s recipe)… it is actually really easy to make– you are going to love it!
Ingredients (with Amazon Links)
- 2 tsp. vegetable oil
- 2/3 c. onion minced
- 2 cloves garlic minced
- 1/2 c. red bell pepper minced
- 1 carrot grated
- 2 eggs beaten
- 1 c. milk
- 2 tsp salt
- 1/2 tsp pepper
- 1/2 tsp. garlic powder
- 1/2 tsp. onion powder
- 1 Lb. ground beef
- 1 Lb. ground pork
- 1 c. breadcrumbs Italian seasoned
- 1/2 c. flour
- 1/2 c. ketchup
Instructions
- Preheat oven to 350 degrees.
- Saute onion, garlic, red pepper and carrot in oil over medium heat until they become soft. In a medium-sized bowl combine eggs with milk, salt, pepper, garlic powder, and onion powder. In a separate, large bowl, mix breadcrumbs and flour into the beef and pork with your hands.
- Add egg and milk mixture, sauteed veggies, ketchup and mix it up with your hands. Press the mixture into a meatloaf pan or a large loaf pan. Bake for 30 minutes, then spread additional ketchup over the top of the loaf to taste, then bake for another hour.
- Let it sit for a few minutes, then slice and serve!
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