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!
Three Cheese Italian Rigatoni Pie
Do you get into a pasta slump in your household? I find there’s only so many times you can have spaghetti and spaghetti sauce without wanting to switch it up. Which is why I totally jumped on board when I saw this recipe for Italian rigatoni pie from Noble Pig. You use a spring-form pan, stand up all the rigatoni noodles in it and suddenly you have a new and exciting way to serve pasta!
There are other recipes out there where you make the sauce from scratch, but my busy kids don’t give me enough time for that! I like to use a jar of my favourite pasta sauce instead. If you prefer to make the sauce yourself, I’m sure it would be even more delicious!
Ingredients
- 1 pound Rigatoni
- 1 jar of your favourite pasta sauce (approximately 2.5 cups, give or take. If it's slightly more or less, just use it all)
- ½ cup of water
- 2 Tablespoons olive oil, divided
- 1 pound ground beef or ground pork
- 1 cup Parmesan cheese
- 1 container cottage cheese (or ricotta cheese)
- 1 large egg
- 1-1/2 to 2 cups mozzarella cheese
Instructions
- Cook the Rigatoni in a large pot of salted, boiling water. Make sure you use enough water because the rigatoni sucks up a lot. Cook it about 1 minute less than the package directions so it is still hard enough to stand up. Drain the pasta and rinse under cold water.
- Toss pasta with 1 Tablespoon of oil to prevent it from sticking. Then add the parmesan cheese and toss until the cheese is evenly distributed. Set aside.
- In a large frying pan, brown the ground beef in 1 Tablespoon of oil. Drain away the fat once it's cooked.
- Add the jar of pasta sauce and water and bring to a boil.
- Reduce heat. Cover and simmer for at least 20 minutes. The longer you simmer the better. Just make sure you add more water if it all boils off.
- Remove from heat and let it cool for 10 minutes.
- Mix together the container of cottage cheese and the egg. Set aside.
- Preheat the oven to 400 degrees Fahrenheit.
- Grease a 9 inch sprinform pan.
- Take the cooked rigatoni and stand each piece up on its end in the pan. Continue until the whole pan is tightly packed.
- Pour the cottage cheese mixture over the rigatoni and spread evenly over all the noodles.
- Pour the meat mixture over top and spread evenly over the noodles. Use your finger to poke the meat and cheese mixture down into the noodles. The more patience you have with this step, the better it will be.
- Bake for 15 minutes at 400F.
- Remove from the oven and top with the mozzarella cheese.
- Bake for another 15 minutes at 400F.
- Let stand for 10 minutes then run a knife around the edge of the pan to help remove the springform pan.
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