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 Tortellini with Peas Asparagus and Bacon
Delicious creamy tortellini dish made comforting with Parmesan cream sauce and crispy bacon and it’s also loaded with peas and asparagus. This is an easy dinner that will only take about 30 minutes to prepare.
Oh, why would I even ask… Easy and quick is what everyone is after when it comes to weeknight dinners. Or, if your husband calls after he gets out of work, telling you that he didn’t get a chance to eat and he’s starving. Then, you realize that you didn’t really plan to cook today and you need to whip up something fast for the hungry husband. The same hungry husband that, ironically, manages a restaurant and is coming home hungry.
This isn’t based on a true story or anything (looks away whistling). The moral of the story is that this is a perfect dish to make when you only have 30 minutes and you need a delicious, comforting dish to knock some socks off some hungry tummies.
Ingredients
- 9 oz three cheese tortellini
- 1/2 small yellow onion thinly sliced
- 3/4 cup peas you can use frozen peas
- 1 cup chopped asparagus
- 2 lg garlic cloves
- 1 cup heavy whipping cream
- 1/2 cup shaved Parmesan cheese
- Salt
- Fresh cracked black pepper
- .25 lb crispy slices of bacon (5-6 slices)
- Oil for cooking
Instructions
- Cook tortellini according to the package instructions, drain and set aside.
- Preheat a cooking pan over medium heat and add a couple of tablespoons of oil.
- Add onions and saute until transparent.
- Add peas and asparagus. Saute until asparagus starts to soften. Press in garlic and season with some salt and pepper. Mix well and cook veggies for about 5 more minutes.
- Pour in heavy cream while stirring. Add shaved Parmesan cheese and stir until cheese is melted. Taste and add more salt and pepper if needed.
- Stir in tortellini until completely mixed in and cook for a couple of minutes.
- Chop crispy cooked bacon and stir it in right before taking the pan off heat.
- Serve and enjoy.
Recipe Notes
Recipe from Lyuba @ willcookforsmiles.com All images and content are copyright protected. Please do not use my images without prior permission. If you want to share this recipe, please simply link back to this post for the recipe. Thank you.
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