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!
LOADED POTATO SOUP
LOADED POTATO SOUP
This Loaded Potato Soup is super creamy and loaded with all the favorites! Comfort food at it best!
This loaded potato soup is packed with tender chunks of potatoes, some veggies, bacon and cheeeese! When the colder weather hits, I love to make soups. This is a simple recipe and is considered the ultimate comfort food.
If you wanted to set it and forget it, you could totally do this in the slow cooker. But this comes together rather quickly in a big pot on the stove. I promise it will make you feel all warm and cozy inside on a chilly day!
I love using my Enameled cast Iron Dutch Oven to make this soup, keeps it nice and warm for a long time.
Loaded Potato Soup
Course Dinner
Cuisine American
Keyword soup
Prep Time 20 minutes
Cook Time 20 minutes
Total Time 40 minutes
Servings 6
Ingredients
- 5 large Russet potatoes cut into cubes
- ⅓ cup butter
- ⅓ cup flour
- 4 garlic cloves minced
- 3 cups chicken stock
- 4 cups milk
- 2 large carrots diced
- 3 celery stalks diced
- 1 medium onion diced
- 8 ounces cream cheese cut into cubes
- 1 cup shredded cheddar cheese plus more for garnish
- ½ lb Bacon cut into bit sized pieces I used a smoked cherrywood bacon
- green onions
- salt and pepper to taste
Instructions
- In a large pot on medium heat cook bacon until crispy, remove and drain on paper towels. Set aside for garnish
- In the same pot toss all but 1 tablespoon of bacon grease and add carrots, onions and celery and cook for 5 minutes or just until softened. Add butter and garlic and melt on low heat, add flour and cook for 1 minute whisking constantly to cook the flour just a bit. Stir in the chicken stock, milk and cream cheese and add the diced potatoes. Bring to a low simmer and cook 15-20 minutes or until potatoes are tender. Add in the cheddar cheese, add more salt for taste if needed.
- Serve in bowls and top with more cheese, bacon, green onions.
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