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 BEER CHEESE DIP
Beer, Bacon, and Cheese are standard fare at almost any viewing party, but get your game faces on and get in the zone with this epic dip that combines them all into one fantastic appetizer. It’s sure to be the MVP of your spread. Thick and creamy, topped with freshly shredded melted cheese and extra crispy bacon crumbles, you won’t want to miss out on this Bacon Beer Cheese Dip.
An epic dip that combines bacon, beer, and cheese into a creamy, hearty appetizer that's perfect for Game Day.
Ingredients
- 1/2 lb of bacon strips chopped
- 1 tbsp butter
- 1/2 white onion diced
- 1 tbsp Dijon mustard
- 1 tbsp stone ground mustard
- 8 oz cream cheese softened
- 1 12 ounce lager style beer
- 3-4 cups shredded sharp cheddar cheese
- 1-2 dashes of Tabasco sauce or more to taste if you like things on the hotter side
Instructions
- Heat a large skillet over medium heat, add in the chopped bacon and cook, stirring frequently, just until the bacon's crisped. Transfer the cooked bacon to a paper towel lined plate to drain the excess grease and cool completely.
- Heat a second large skillet over medium heat, adding the butter and melting it. As soon as the butter's melted, add in the onions and cook just until they're soft and becoming transparent. Stir in both mustards and slowly pour in the beer, scraping the bottom of the pan as you stir. Bring the mixture to a boil and let it boil vigorously for about 5 minutes, stirring occasionally.
- Lower the heat to medium, and stir in the cream cheese until the mixture's smooth and creamy. Turn off the heat, but leave the skillet on the burner.
- Stir in the cheddar cheese, except for 1/4 cup to be reserved, about a cup at a time, until the mixture's again smooth, creamy, and thick. Stir in 3/4 of the bacon, saving the rest for the top of the dip.
- Scoop the dip into an oven safe serving dish and sprinkle the remaining cheese and bacon out evenly over top.
- Bake the dip at 350 degrees for 20-25 minutes, or until the dip is heated through and the cheese is bubbly.
- Remove the dish from the oven and allow it to cool slightly. Serve the dip warm with chips, pretzels, crackers, or crusty bread.
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