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!
SPAGHETTI SQUASH BURRITO BOWLS
Spaghetti Squash Burrito Bowls are stuffed with veggies, salsa and beans then topped with broiled cheese. They make for a healthy and super delicious vegetarian meal!
Oh, wait. Am I the only who gets excited about that last part? Shoot.
Actually that reminds me of my friend that used to throw away plastic Tupperware after a SINGLE use. She would pack her lunch, eat what was inside and then GADOOOSH. In the garbage it went!
I’m pretty sure my jaw dropped to the floor the first time I saw her do that.
INGREDIENTS:
- 2 medium sized spaghetti squash
- 1 tablespoon high heat oil (I use sunflower oil)
- 1 (14.5 ounce) can black beans, drained and rinsed
- 1 (16 ounce) jar of salsa (use your preferred level of spiciness)
- 2 tablespoons olive oil (or preferred cooking oil)
- 1 large bell pepper or two small, cored and sliced
- 1 large red onion, sliced
- 2 cups corn kernels, frozen and defrosted or fresh
- 1 cup fresh cilantro, finely chopped
- 2 jalapenos, cored and sliced (optional)
- 6 green onions, sliced (optional)
- 1 teaspoon cumin
- salt & pepper
- 1 cup shredded cheddar/monterey jack cheese (or drizzle with Nacho Cashew Cream)*
DIRECTIONS:
- Preheat the oven to 375°F and line a cookie sheet with foil OR fill a 9 x 13” glass baking dish with about an inch of water. If you’re making the full recipe, you’ll have four bowls total (or four halves of squash) so you’ll probably need two separate cookie sheets or baking dishes (or one of each!).
- Wash the spaghetti squash and then slice off the stem at the top (if it is too hard to cut, try cutting a few slices in it and microwaving it for 5 minutes to help soften it). Cut each squash in half lengthwise and then use a spoon to scrap out the seeds and the darker yellow strands that the seeds are attached to.
- Rub a little bit of high heat oil on the inner edges of the squash and then place each half face down on the baking sheet/dish. Roast in the oven for 30-45 minutes, depending on the size (longer for larger squash). You can test to see if it’s done by scraping the inside with a fork. Strands should come loose as you scrape all the way down to the flesh.
- While the squash is roasting, prepare the filling by warming one tablespoon oil in a large pan over medium heat. Sauté the red onion for a few minutes and then add the peppers and jalapeno. Sprinkle with salt & pepper and cumin and cook to desired softness. I like mine with a little crunch so I only cooked them for about 6-7 minutes.
- When the squash is done cooking, allow it to cool for a few minutes before handling. Turn the oven to broil and then transfer the squash to a surface where you can scrape the inside and begin stuffing.
- Scrape about 3/4 of the inside out onto a dish and then layer the filling inside (black beans and corn, peppers and onion, salsa and cilantro). Top with the spaghetti squash and press down then add another layer of filling. Sprinkle green onion on top and then finish with shredded cheese.
- Broil in the oven for about 5 minutes so that the cheese is bubble and golden brown then serve!
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