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!
CHEESEBURGER EGG ROLLS
CHEESEBURGER EGG ROLLS
This is one appetizer that your whole family will run to get to first. And if you dare to serve it at a party, people will start climbing over each other and tripping others to make sure they get some of these tasty egg rolls. They are pretty easy to make but make sure you make enough, because they will disappear.
Author: Desiree Campbell
Serves: 14
Ingredients
Egg Rolls:
- 1 lb ground beef
- ½ medium yellow onion, minced
- 1 Tbsp vegetable oil for cooking
- Salt and fresh cracked black pepper
- 5 slices American cheese
- ½ cup diced pickles
- 13-14 egg roll wrappers
- 1 egg white
- Oil for frying
Sauce:
- ¼ cup mayo
- 1 Tbsp tomato paste
- 1 garlic clove, pressed
- 1 tsp paprika
- Salt and fresh cracked black pepper
Instructions
- Preheat a medium cooking pan over medium heat. Add a tablespoon of oil and minced onion. Saute until onion is translucent.
- Add ground beef to the pan and break it up as much as possible. Season with some salt and pepper, cover and cook until meat starts to brown. Stir well and make sure to keep breaking up all the meat clumps as it cooks. Drain off all the juices and place cooked meat into a mixing bowl.
- Break up cheese and add it to the bowl. Mix until all the cheese is melted and evenly incorporated. Stir in pickles.
- Heat up oil to about 350 degrees as you roll the egg rolls.
- Gently whisk egg while and set it close to you.
- To roll the egg rolls: place egg roll wrapper on a diamond. Spread about 2 tablespoons of cheeseburger filling in a line, leaving about an inch on each side. Gently and carefully, fold the corner that's closest to you over the cheeseburger mixture, and tuck under the filling. Fold both side corners toward center of wrapper, it will start to look like an open envelope. Dip your fingers in egg white and run it along the edges of the wrapper to seal better. Carefully roll up the egg roll.
- Fry egg rolls in batches until golden brown, turning once the bottom side turns golden.
- Whisk all ingredients for the sauce until completely incorporated. Serve with egg rolls.
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