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!
Creamy Confetti Corn with Bacon
So it seems that summer is in full swing, even though it’s not quite yet official. I’ve been buying corn on the cob at least twice a week for the last month and the sun is a blazin (quite literally, it’s been 95 degrees). So, corn + sun = summer, right :)? There are sooo many things I love about summer – the beach days, the relaxing summer evening outdoor parties, the flowers, summer mornings, vacation – but one thing I love the most of course is the food! Fresh watermelon, fresh berries galore, grilled burgers every week, ice cream pretty much on a daily basis, and good food like this!
This Creamy Confetti Corn with Bacon is the definition of summer! It starts with freshly cut from the cob corn and ends with perfectly salty, crisp bacon. You just can’t go wrong here. This has such a delicious blend of flavors and textures and it will leave you craving it again and again! It will definitely be a hit at your next summer dinner party and I it’s one of the best uses you’ll find for all that fresh summer corn! Forget the main dish, just pass me a bowl full of this please.
Ingredients
- 4 1/2 cups fresh corn (from about 7 ears)
- 8 slices (8 oz) bacon, diced into small pieces
- 2/3 cup small chopped red bell pepper
- 1/2 cup chopped red onion
- 1/2 tsp each salt and freshly ground black pepper , or to taste
- 6 oz Neufchatel cheese , diced into cubes
- 1/3 cup milk , then more as needed
- 1/3 cup chopped green onions (optional)
- 2 Tbsp chopped fresh parsley
Instructions
- Cook bacon in a large skillet until crisp. Drain off rendered bacon fat while reserving 1 Tbsp in skillet. Transfer bacon to a plate lined with paper towels to drain. Heat skillet with drippings over medium-high heat. Add corn, bell pepper, red onion and season with salt and pepper. Saute until tender, about 6 minutes. Add in Neufchatel cheese and milk and cook and stir until the cheese has melted. Add in more milk 1 Tbsp at a time to thin as needed (I added about 3 Tbsp more). Stir in green onions, parsley and half the bacon. Transfer to a serving bowl and top with remaining bacon, serve warm.
- Recipe source: adapted from Mel's Kitchen Cafe and Southern Living
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