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!
Cheddar Broccoli Soup Recipe and 37 more cheesy recipes
I love soup – obviously – but it’s so hard to narrow down a favorite – I seriously make soup at LEAST once a week, but THIS – cheddar broccoli soup – will ALWAYS be a go to. I judge all soup and sandwich places by their broccoli cheese soup. If they don’t have a good one I never go again. I mean seriously – it’s such an easy soup that if they can’t make a good one nothing else is worth trying IMO.
Now some people are purists and JUST want a thick cheddar soup with broccoli – but I like to add potatoes, onions and carrots – I love the added texture of the grated potatoes in the soup – and to be fair too much plain cheddar soup is BORING, so the other veggies bring a texture and flavor I adore. Now I like the potatoes and carrots grated – I like it better than chunks in this one soup – BUT I like to grate them BIG, not little grates (I use this shredder but use whatever you have)
Ingredients
- 4-5 large Potatoes
- 1 Large Onion
- 2 Carrots
- 3 C broth chicken or veggie
- water
- Broccoli florets from 4-6 heads
- 3/4 C butter
- 3/4 C all-purpose flour
- 2 C half n half
- 1 tsp salt
- 1/2 tsp pepper
- 2-4 C grated Cheddar Cheese
Instructions
- Peel and Grate the potatoes (you can chop them instead - but I like the texture of the grated potatoes. Add the chopped onions and carrots (again I grate the carrots, but you can chop them instead)
- add the broth then enough water to JUST cover the veggies and bring the veggies to a boil - boil until the potatoes are almost done - large chunks will take longer, but the grated potatoes won't take much time at all - basically just bring it to a boil
- add the broccoli florets and stir, boil another 5-10 mins depending on the size of the broccoli - you want the broccoli to easily be pierced by a knife or fork
- During that time, in another saucepan melt the butter, then whisk in the flour
- once the flour and butter has cooked to an almond brown cream add the half n half and cook until thick
- add the thick sauce and salt and pepper to the water and veggies and stir until smooth
- take off the heat and stir in the cheddar cheese a little at a time until your happy with the tastes
- add more salt or pepper as needed
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