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!
Classic Traditional Thanksgiving Stuffing
My family are stuffing fanatics and of all the Thanksgiving sides, it’s the most popular by far. They were in stuffing (technically dressing) heaven with this classic, traditional, old-fashioned version and literally stuffed themselves. The stuffing is made with onions, celery, herbs, butter, broth, and bread. Simple really is the best. To save time on the big day, I dry the bread out the night before but you can do it that morning if time permits. Begin with really dry bread or it’ll turn to mush. The stuffing is lightly crusted on top, soft underneath, full of rich buttery flavor, and well-seasoned from the herbs.
INGREDIENTS:
- 1 cup (2 sticks) unsalted butter, divided
- 1 pound day-old white French bread, diced into 1/2-inch cubes and dried
- 1 extra-large (about 2 1/2 cups) sweet Vidalia or yellow onion, diced small
- 1 1/2 cups celery, diced small
- 2/3 cup Italian flat-leaf parsley leaves, finely minced
- 1/4 cup fresh sage leaves, finely minced
- 3 tablespoons fresh rosemary (sticks discarded), finely minced
- 2 tablespoons fresh thyme (sticks discarded), finely minced
- 1 teaspoon salt, or to taste
- 1 teaspoon pepper, or to taste
- 2 1/2 cups low-sodium chicken broth, divided
- 2 large eggs
DIRECTIONS:
- Preheat oven to 250F. Place cubed bread on a baking sheet and bake, stirring occasionally, until dried out, about 45 minutes. You must begin with very dry bread or it’ll turn to mush. Tip – To save time on the day of, bake and dry out the bread the night before and leave uncovered on the counter uncovered until the morning you’re ready to make the stuffing.
- When you’re ready to make the stuffing, transfer bread to a very large bowl; set aside.
- Preheat oven to 350F and spray a 9×13-inch pan or 3-quart baking dish with cooking spray; set aside.
- To a large skillet, add 3/4 cup (1 1/2 sticks) butter and heat over medium-high heat to melt.
- Add the onions, celery, and cook until vegetables have softened and are just beginning to lightly brown, about 10 minutes. Stir frequently. Transfer vegetables to bowl with bread.
- Add the parsley, sage, rosemary, thyme, salt, pepper, 1 1/4 cups chicken broth, and toss well to combine; set aside. Note about salt – the saltiness level of low-sodium chicken broth varies, and so do personal preferences, so salt to taste.
- To a small bowl, add the remaining 1 1/4 cups chicken broth, 2 eggs, and whisk to combine. Pour mixture over bread and toss well to combine. Turn mixture out into prepared baking dish.
- Dice the remaining 1/4 cup (half of 1 stick) butter into 8 to 10 pieces and evenly dot the butter over the top of the stuffing. Cover with foil and bake for 40 minutes. Uncover and bake for an additional 40 to 45 minutes, or until top is as lightly golden browned as desired. Serve immediately. Stuffing is best warm and fresh but will keep airtight in the fridge for up to 5 days. Reheat gently as desired.
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