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!
Fried Mac and Cheese Bites Recipe
Fried Mac and Cheese Bites Recipe
Fried Mac and Cheese Balls, Fried Mac and Cheese Bites … call them what you will, because they’re both delicious as a party appetizer!
I don’t know about you, but I love party appetizers. It doesn’t matter what the occasion is, I’m always up for bite-sized party food— and if I’m completely honest, the unhealthier, the better! Parties are no time to count calories!
Fried Mac & Cheese Bites Recipe
Course: Appetizer
Author: Stefanie Fauquet
Ingredients
- 1 lb macaroni
- 16 oz sharp cheddar cheese block or 16oz shredded
- 1 1/4 cup milk
- 1/2 cup flour
- 1/4 cup butter
- 2 eggs
- 3 cups seasoned bread crumbs
- Salt & pepper to taste
- Vegetable oil for frying
Instructions
- Boil macaroni until tender, drain and set aside. Shred cheese and set aside.
- In a large pan, melt butter over medium heat. Add flour and mix until light brown color (make a roux).
- Add 1 cup milk and whisk until thick.
- Add cheese one handful at a time. Mix until cheese is melted and smooth.
- Add cooked macaroni to pan and mix until well coated. Add salt and pepper.
- Transfer to a container and refrigerate for at least 1 hour, or until cold.
- Line a baking sheet with wax or parchment paper.
- Form cold macaroni and cheese into 1" balls and place on prepared pan. Place in freezer for at least 1 hour (overnight works well).
- Beat eggs and add 1/4 cup milk in a bowl to make an egg wash.
- Dip balls into egg wash then roll into bread crumbs, coating completely.
- Heat oil in deep fryer to 320 degrees, or fill skillet 1/2-3/4" deep and heat over medium high to 320 degrees.
- Fry 3-4 minutes, until golden, and drain. Serve immediately.
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