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!
OVERNIGHT APPLE PIE FRENCH TOAST CASSEROLE
I love waking up to a ready breakfast… and this Apple Pie French Toast Casserole is one of my faves!
If you’ve never made a french toast casserole before, you’re going to love it! The best part of this dish is that is is an overnight breakfast casserole, meaning all of the work is done the night before and then you just pop it in the oven!
Being able to prepare this easy breakfast beforehand makes it the perfect dish to serve for a holiday breakfast (think Easter or Christmas) but it’s also fabulous if you have overnight guests (or even a kids slumber party)!
The apples in this recipe are tart and delicious. I prefer to use granny smith because I find they hold their shape best and don’t get mushy! You can substitute your favorite type or what you have on hand but keep in mind the sweetness and shape may vary!
I love waking up to a ready breakfast… and this Apple Pie French Toast Casserole is one of my faves!
INGREDIENTS:
- 5 tablespoons butter
- 5 large granny smith apples (approx. 8 cups peeled and sliced)
- 2/3 cup brown sugar
- 3 tablespoons water
- 1 tablespoon cinnamon
- 1 tablespoon corn starch
- 14 slices white bread , crusts removed
- 6 large eggs
- 2 cups milk
- 1 1/2 teaspoons vanilla extract
DIRECTIONS:
- Combine eggs, milk and vanilla. Set aside.
- Peel & slice apples approximately 1/4″ thick.
- Melt the butter in a frying pan and add apples, brown sugar, cinnamon, and water. Cook on medium heat for about 8 minutes or until apples are slightly softened. In a separate bowl, combine 1 tablespoon corn starch and 1 tablespoon water to create a slurry.
- Push the apples over to one side of the pan, turn the heat up to medium high and pour some of the corn starch mixtures into the boiling liquid until it thickens. Depending on how much liquid was in your apples, you may not need all of the slurry.
- Spread apple mixture into a 9×13 pan. Top with 1/2 of the bread slices and spoon 1/2 of the egg mixture over the bread. Top with a second layer of bread slices and remaining egg mixture. Cover with foil and refrigerate overnight.
IN THE MORNING
Remove the pan from the refrigerator while preheating the oven to 350 degrees.
Bake covered for 35 minutes. Remove foil and bake an additional 10-15 minutes or until bread is firm. Remove from the oven and let cool 10 minutes. Invert into a pan.
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