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!
Taco Spaghetti
Taco spaghetti is a super easy and quick weeknight dinner you can make in just ONE POT! How perfect is that.
When you’re having one of those nights where you can’t come up with anything quick and easy for dinner, try out this one pot taco flavored spaghetti. If you keep your pantry stocked, the only thing you’ll need to pick up is hamburger/ground turkey and cheese. The best part is you only need one pot. This is great for a busy night or for folks with limited cooking facilities.
You start by browning the hamburger/ground turkey and then just dump everything but the cheese in the pan. Bring it to a boil, cover and let it cook down for 15 minutes. Take off the lid, sprinkle with cheese and you’re done. I used spicy taco seasoning and it added just enough heat to get your attention. However, the next time I made it, I tried regular taco seasoning and added chipotle powder, just a little better.
I have used it with both hamburger and ground turkey and couldn’t really tell the difference. While I love complicated recipes with lots of steps, I don’t want to tackle one on a week night. Week nights are for easy dinners that don’t require any thought. However, I still want them to taste great and this fits the bill perfectly.
Taco Spaghetti
Taco spaghetti is a super easy and quick weeknight dinner you can make in just ONE POT!
How perfect is that.
- Author: Barbara Curry
- Prep Time: 10 mins
- Cook Time: 20 mins
- Total Time: 30 minutes
- Yield: 4-6
- Category: Entree
Ingredients
- 1 lb ground turkey/ground sirloin
- 1 1.25 ounce package taco seasoning
- ½ teaspoon ground chipotle pepper
- 10 ounces Diced tomatoes and green chilies, Ro Tel
- 1 tablespoon tomato paste
- 8 ounces spaghetti
- cheddar cheese, grated
- pepper jack cheese, grated
- fresh cilantro
Instructions
- Cook ground turkey/hamburger in a Dutch oven or large pot over medium high heat until browned, 3-5 minutes. Stir in taco seasoning and ground chipotle.
- Add tomatoes, tomato paste, uncooked spaghetti and 3 cups of water. Bring to a boil, cover and reduce heat. Simmer until pasta has cooked, about 15 minutes.
- Remove from heat and sprinkle with cheese and cilantro.
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