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!
Penne Alfredo with Bacon and Sundried Tomato
Sometimes your belly just calls for the simple things in life. The simply gorgeously, creamy and flavoursome things that is. Pasta alfredo is one of those dishes that you won’t see being made the same way twice; an ambassador of variation if you will. For me? I like a Penne with some very ‘non classic’ additions. Italians, forgive me.
A delicious twist on the classic Alfredo. Penne Alfredo with Bacon and Sundried Tomato will change your 'go to' quick dinner forever.
Ingredients
- 10.6 oz (300g) Penne Pasta
- 1 1/4 cups (300ml) Heavy Cream
- 2 tbsp Unsalted Butter
- 5 oz (150g) Streaky Bacon, chopped
- 1/2 cup (50g) Parmesan, grated (save some to sprinkle on top)
- 3/4 cup (75g) Sundried Tomato, sliced
- 1 tsp Garlic, minced
- Handful of Fresh Basil, chopped (save some to sprinkle on top)
- Salt & Cracked Black Pepper, to taste
Method
- Pop your pasta in a pot of boiling water and cook until al dente. Retain a cup of starchy pasta water.
- Meanwhile, fry your Bacon over medium heat until it begins to crisp, then add your Tomatoes and fry a little longer until they soften. Drain excess fat/oil if there's too much, add the Garlic and fry for a minute until fragrant, then add the Butter and stir until melted.
- Pour in your Cream and sprinkle in your Basil. Stir to a smooth consistency, leaving to simmer on a low heat. When it just starts to thicken add in your Parmesan.
- Once the sauce has fully thickened (8-10 mins) taste for seasoning, then add in your pasta and toss until coated. Simmer for a few minutes to soak up the sauce, stirring throughout and using your pasta water to thin out if it becomes too thick and gloopy.
- Serve with and extra sprinkle of Parmesan and Basil!
0 Response to "Penne Alfredo with Bacon and Sundried Tomato"
Post a Comment