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!
mashed potato waffle, crispy turkey, smashed avocado, cranberry and brie melts
Also known as the ultimate Thanksgiving Leftover Melt.
There is mashed potatoes (in the waffles!!), turkey (that your gonna butter up!), cranberry sauce, brie and some bacon if you are into it.
Oh, and an egg. You need the extra protein for all that shopping today.
Are you guys shopping today?
I never have gotten into the whole black Friday thing. I just buy everything online and can pretty much always find a good deal. I learned from the best though, my mother is the ULTIMATE online shopper. Give here an item to buy and she will find it for the cheapest price you can get. No doubt about it.
mashed potato waffle, crispy turkey, smashed avocado, cranberry and brie melts.
INGREDIENTS
- PARMESAN MASHED POTATO WAFFLES
- 1 1/2 cups leftover mashed potatoes
- 1 cup buttermilk
- 2 eggs
- 1/4 cup butter melted
- 4-5 leaves sage minced
- 1 cup flour
- 1 teaspoon baking soda
- 1/2 teaspoon baking powder
- 1/2 cup parmesan cheese grated
- SANDWICHES
- leftover turkey enough for 4 triangles
- 1 tablespoon butter
- 1 avocado lightly mashed
- salt and pepper to taste
- 4 ounces brie sliced (or more!)
- leftover cranberry sauce
- 8 slices cooked thick cut bacon optional
- 4 eggs cooked to your liking (optional)
INSTRUCTIONS
- To make the waffles. In a medium bowl whisk together the mashed potatoes, buttermilk, eggs and melted butter until smooth. Stir in the minced sage.
- Add the flour, baking soda and baking powder and stir until just combined. Fold in the parmesan cheese.
- Preheat waffle iron. When ready scoop the batter (you will need to spread the batter out using the back of a spoon) into the hot, greased waffle maker and cook to your preference. Repeat with the remaining batter. The batter should make about 4-5 waffles, depending on you waffle maker. Tear 2 of those waffles into fourths. If you are using a square waffles just leave them whole.
- Prep the sandwiches. Heat a skillet over medium heat and melt the butter. Once hot add the turkey and get it buttery and crisp all over, about 5 minutes. Remove from the heat
- Add the avocado to a bowl and lightly mash with a pinch of salt and pepper.
- Assemble the sandwiches. Preheat the oven to 425 degree F. Line a baking sheet with parchment and place the waffles on the baking sheet.
- Spread the mashed avocado on four of the waffle triangles (or squares or whatever shape you have). Top with sliced brie, then the warm buttery turkey, a dollop of cranberry sauce and two slices of bacon (if using). Now grab the tops to the sandwiches (the remaining four triangles) and add a slice or two of brie. Place the pan in the oven for 5 minutes, watching closely to make sure the brie is not getting too melty! During this time I fried my eggs.
- Remove from the oven and top each triangle with one egg and then place the tops on the sandwiches. Push down and eat!! FYI, it is going to be a bit messy. We had to use a fork for these!
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