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!
ZUCCHINI QUICHE WITH BACON AND HASH BROWN CRUST
This Zucchini Quiche with Bacon and Hash Brown Crust is perfect for breakfast, lunch, dinner or any time in between! The crispy hash brown crust just takes it over the top and did I mention BACON?? This easy quiche recipe is the perfect way to use up extra zucchini!
Ingredients
- Hash Brown Crust
- 3 cups refrigerated or frozen hash browns, thawed, patted dry
- 2 tbsp extra virgin olive oil
- 2 tbsp unsalted butter, melted
- Quiche Filling
- 1/2 lb bacon, cooked, crumbled
- 1 shallot, diced
- 1 medium zucchini
- 1/2 tsp salt
- 1/2 tsp black pepper
- 1/4 cup all purpose flour
- 1/2 tsp baking powder
- 1/2 tsp salt
- 5 eggs, room temperature
- 1 cup plain Greek yogurt
- 3 cups shredded cheese (Sharp Cheddar, Gruyere, Monterey Jack, Dubliner, Pepper Jack - a combination of 2 or more works best)
Instructions
- Grate the zucchini onto a clean kitchen towel and squeeze dry, removing as much excess liquid as possible. Set aside.
- Hash Brown Crust
- Preheat oven to 400F. Coat a 9-inch pie plate with non-stick cooking spray. Set aside.
- In a medium bowl, combine, hash browns, olive oil, butter, salt, and pepper and toss to combine.
- Press hash browns into the bottom and up the sides of the pie plate firmly, forming a crust. You want it to go all the way up the sides because it will shrink some while baking.
- Bake for 20 to 25 minutes or until the edges are golden brown.
- Reduce oven temperature to 350F.
- Quiche Filling
- Cook bacon in a large sauté pan over medium high heat until crispy, about 6 to 8 minutes on each side. Remove from skillet and crumble into small pieces.
- Remove all but one tablespoon of the bacon grease from the skillet. Add the diced shallots and sauté over medium heat for 3 to 4 minutes or until translucent and soft.
- Add shredded zucchini turn up the heat to high. Season with salt and pepper. Cook the zucchini and shallots for an additional 3 to 5 minutes, stirring occasionally.
- Combine the flour, baking powder, and salt in a small bowl.
- In a separate bowl, beat the eggs until nice and fluffy (2 to 3 minutes). Whisk in the Greek yogurt until combined and smooth.
- Add in the grated cheese, flour mixture, bacon, and zucchini mixture and stir until combined.
- Pour filling into hash brown crust and bake for 35 to 40 minutes or until center is set, the top is puffed and golden brown and a toothpick inserted into the center comes out clean. Let stand for several minutes before removing from pan and serving. Can also be eaten room temperature or chilled.
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