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!
Mini Pepper Nachos with Corn, Black Beans and Avocado
I have been seeing these cute little mini peppers around the web for a while now so when I came across them in the grocery store for the first time I picked some up immediately. Of course I knew what I was going to use those mini peppers in first, these mini pepper nachos! I kept the mini pepper nachos nice and simple, stuffing them with some nice and healthy ingredients including corn, black beans, pico de gallo and avocado before covering them in plenty of ooey gooey melted cheese!
The mini sweet bell peppers work amazingly well in nacho form, providing a nice sweet base that is perfectly sized for finger food! These mini pepper nachos are sure to please at your next party and given how healthy they are, there will be no regrets!
Healthy mini pepper nachos stuffed full of corn, black beans, pico de gallo and avocado and smothered in melted cheese that are a perfect for snacking or for a light meal.
ingredients
- 2/3 cup corn (grilled, charred, fresh, thawed or canned)
- 2/3 cup black beans (rinsed and drained canned or cooked from 1/3 cup dry beans)
- 2/3 cup pico de gallo or your favourite salsa
- 1 medium avocado, diced
- salt and pepper to taste
- 1 pound mini peppers, halved and seeded
- 1 cup cheddar cheese, shredded
- 1/4 cup green onions or cilantro (optional)
directions
- Mix the corn, black beans, pico de gallo and avocado and season with salt and pepper.
- Arrange the peppers on a baking sheet, fill with the filling, sprinkle on the cheese and broil until the cheese has melted, about 2-4 minutes.
- Serve optionally garnished with green onions or cilantro.
Note: Use a salsa based on your desire for heat. Pico de gallo is generally pretty mild so if you want it hotter, use a hotter salsa. I like the freshness of the pico de gallo but I also like it hotter and so I add some chipotle hot sauce to the mix to add some more heat along with a nice smokiness.
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