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!
CABBAGE ROLLS “GOLUBTSI”
Making cabbage rolls at home is much easier than you think!
Sochi Olympics is opening today and I can’t wait to watch the ceremony. 🙂 I also can’t wait to have a Russian feast accompanying it! Authentic Russian food isn’t widely known outside of Russia and it’s a real shame.
I admit not everything on the Russian menu will be love at first site but the same is true for any foreign food. I do know that whenever I make Russian food for my friends or my Canadian husband and his family they love it, with many items getting a call back.
Ingredients
- Cabbage- 2 small heads
- Rice- 1/2 cup
- Olive oil- 2 tbsp.
- Onion chopped- 1 large
- Extra-lean ground beef- 1 lbs
- Extra-lean ground pork- 1 lbs
- Flat leaf parsley chopped- 1 bunch
- Carrots grated- 2
- Salt- 2 tsp.
- Pepper- 0.5 tsp.
- Bay leaf- 2-3
- For the sauce
- Chicken stock- 1.5 cups
- Creme fraiche or sour cream- 1 cup
- Canned Tomatoes crushed or Passata- 2 cups
Instructions
- Freeze the cabbage 3 days before you need it. The night before defrost cabbage and keep it in the fridge until you are ready.
- Cook rice in plenty water the same way you would pasta until al dente, it shouldn't be too soft- about 5 minutes. Drain and set aside.
- In a frying pan heat olive oil and cook onions over low heat for 7-10 minutes until tender.
- Grate carrots.
- In a large bowl combine beef, pork, parsley, onions, carrots, rice, salt and pepper.
- In a medium bowl whisk together stock, crushed tomatoes and creme fraiche. Set aside.
- Place your head of cabbage on a cutting board, cut off the bottom and pull the leaves away from the stalk. Repeat with the second head of cabbage.
- Preheat your oven to 350F/180C.
- Clear your work space, so all ingredients are within reach. Take a cabbage leaf and put 2 tbsp. of filling at the bottom of the wide part of a leaf (see picture above) and roll it like a burrito, tucking sides in. Your cabbage rolls will vary in size slightly depending on the size of cabbage leaves. You will have approximately 30-32 cabbage rolls.
- Pour a cup of the sauce on the bottom of your cast iron casserole or any other heavy bottom casserole and start stacking your cabbage rolls. Half way through add a couple of bay leaves and continue stacking until all cabbage rolls are gone.
- Pour the sauce over cabbage rolls, cover with a lid and bake in the oven for 1 hour.
- Then take the lid off and bake for 30 more minutes.
- Serve with additional sour cream or creme fraiche.
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