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!
Bacon Broccoli Cheddar Bread Bowl
Broccoli cheddar soup is a yummy staple in our winter meal cycle, but throw it all into a bread bowl and our love for the dish skyrockets. We scarf it down and then immediately plan out when we’ll get to have it again in the (very) near future.
It’s possible you are not quite as big of broccoli cheddar– or soup– enthusiasts as we are, but we guarantee you’ll flip for this rich and creamy meal. Now, everyone knows that soup is the perfect dish for when the weather takes a turn, but this recipe will give you a hankering for it even when the weather’s perfect; it’s just that good. Plus, it’s a perfectly easy soup to make and only dirties one pot. Clean up is seriously a breeze, because, chances are, you’ve eaten up your soup vessel, leaving only your spoons for the dishwasher! Dust off your soup pots, you know what you’re making for dinner tonight!
Scroll down for the recipe!
Ingredients
- 5 cups broccoli florets, plus extra for garnish
- 4 cups low-sodium chicken broth
- 2 1/2 cups cheddar cheese, grated
- 1/2 cup heavy cream
- 1/2 cup whole milk
- 6 bread bowls, tops cut off
- 4 slices bacon, plus extra for garnish
- 3 cloves garlic, minced
- 1 large white onion, chopped
- 2 tablespoons cornstarch
- 2 tablespoons water
- 2 teaspoons kosher salt, or to taste
- freshly ground pepper, to taste
Directions
- In a large pot or Dutch oven, cook bacon over medium-high heat until thoroughly browned and crispy. Remove to a paper towel-lined plate to drain.
- Add onions to bacon renderings and cook until softened and transparent, 5-7 minutes.
- Add garlic to the onion and cook for 1 minute, or until fragrant. Stir frequently so it doesn’t burn.
- Whisk in chicken broth, then milk and cream, and add broccoli. Bring mixture to a boil, then reduce and let simmer for 20 minutes, or until broccoli is tender.
- Take your bread bowls and gently scoop out the bread from the inside, leaving about 1/4-inch all the way around. Set bowls aside.
- In batches, transfer soup to a blender (or use an immersion blender) and puree majority of soup until almost smooth, leaving some chunkier parts. Return to pot.
- Using a fork or whisk, mix together cornstarch and water in a small bowl or glass until smooth. Then add this slurry back into the soup and stir well to incorporate.
- Bring soup back up to a boil and let cornstarch cook, then stir in cheese and season with salt and pepper.
- Ladle soup into bread bowls and garnish with extra broccoli and bacon. Serve immediately and enjoy.
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