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!
CHEESY ZUCCHINI BAKE
Cheesy Zucchini Bake is one of my favorite ways to use garden zucchini! This delicious meatless recipe with eggs is great for breakfast, lunch, or dinner…and so easy to make!
Growing up, I never really understood why my parents had “friends” they never saw. I mean, it really doesn’t make sense….does it? Until you’re an adult, and you realize that extra time is hard to come by, and that sometimes keeping up old friendships can be just as hard. Seriously….who knew?
Either way, there’s no denying the fact that all the friendships I’ve had over the years have helped shape me as a person. And honestly, I think about many of them often. When I hear an old song or visit a place we used to go together, when I drive past their house or see their birthday pop up on Facebook, and even when I make a recipe I got from them. Like this cheesy zucchini egg bake!
I first tasted this delicious cheesy zucchini bake when my friend Jill made it for me years ago. And it was love at first bite. And even though it’s been a while since I’ve seen her, I still think of her every time I make it. It’s the perfect balance of crusty and creamy and cheesy….and it’s loaded with zucchini. Which makes it healthy, right? And perfect for those summer months when zucchini is EVERYWHERE.
This cheesy Zucchini Bake is one of my favorite ways to use zucchini! Delicious meatless recipe with eggs is great for breakfast, lunch, or dinner...and so easy to make!
Ingredients
- 1 8 oz. can refrigerated crescent rolls
- 2 Tbsp. butter
- 1 small onion chopped (approx. 1 c.)
- 4 c. chopped zucchini approx. 4 small
- 3 eggs
- 1 Tbsp. dried basil
- 1 Tbsp. dried oregano
- 1 Tbsp. dried mustard
- 1/2 tsp. salt
- 1/4 tsp. pepper
- 8 oz. shredded mozzarella cheese
Instructions
- Press crescent roll dough into a greased 8x8 inch pan.
- Melt butter in a medium skillet; add chopped onion and chopped zucchini and saute over medium heat 5 minutes (until tender-crisp).
- In a medium mixing bowl, beat eggs and then stir in spices.
- Add a small amount of onion/zucchini mixture to eggs to temper them; then add remainder of mixture and stir together.
- Stir in shredded mozzarella.
- Pour mixture into unbaked crust; bake at 400 degrees for 25-30 min.
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