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!
Pasta e Fagioli Soup {Better than Olive Garden’s}
Pasta e Fagioli Soup {Better than Olive Garden’s}
Pasta e Fagioli Soup is one of my favorite soups! It’s on heavy rotation at my house (especially during those colder months) because we all love it so much! It has incredible flavor and it’s jam packed with goodness making it a soup that’s fit to be the main dish.
Pasta e Fagioli Soup {Olive Garden Copycat Recipe}
Course: Main Course
Cuisine: American
Keyword: bean soup
Prep Time: 15 minutes
Cook Time: 35 minutes
Total Time: 50 minutes
Servings: 6 servings
Calories: 540 kcal
Author: Jaclyn
Ingredients
- 2 Tbsp olive oil , divided
- 1 lb lean ground beef
- 1 1/2 cups chopped yellow onion
- 1 cup diced carrots (about 2 medium)
- 1 cup diced celery (about 3 stalks)
- 3 cloves garlic , minced (1 Tbsp)
- 3 (8 oz) cans tomato sauce
- 2 (14.5 oz) cans low sodium chicken broth or beef broth
- 1/2 cup water , then more as desired
- 1 (15 oz) can diced tomatoes
- 2 tsp granulated sugar
- 1 1/2 tsp dried basil
- 1 tsp dried oregano
- 3/4 tsp dried thyme
- 1/2 tsp dried marjoram
- Salt and freshly ground black pepper to taste
- 1 scant cup dry ditalini pasta
- 1 (15 oz) can dark red kidney beans, drained and rinsed
- 1 (15 oz) can great northern beans, drained and rinsed
- Finely shredded Romano or Parmesan cheese , for serving
- 3 Tbsp minced fresh parsley
Instructions
- Heat 1 Tbsp olive oil in a large pot over medium high heat, crumble in ground beef or sausage and cook, stirring occasionally until cooked through.
- Drain fat from beef then transfer beef to a plate, set aside. Heat remaining 1 Tbsp olive oil in same pot.
- Add onions, carrots, and celery and saute over medium-high heat until tender about 6 minutes, add garlic and saute 1 minute longer.
- Add chicken broth, tomato sauce, water, canned tomatoes, sugar, basil, oregano, thyme, marjoram and cooked beef then season with salt and pepper to taste.
- Bring to a boil then reduce heat to medium-low, cover with lid and allow to simmer, stirring occasionally, until veggies are soft, about 15 - 20 minutes.
- Meanwhile prepare ditalani pasta according to directions on package, cooking to al dente.
- Add cooked and drained pasta to soup* along with kidney beans and great northern beans. Thin with a little more broth or water if desired.
- Allow to cook 1 minute longer. Stir in parsley, serve warm with grated Romano or Parmesan cheese.
- *If you don't plan on eating all of the soup right away I recommend adding the pasta to individual servings. Otherwise pasta gets soggy and absorbs too much broth.
- Recipe Source: Cooking Classy
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