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!
Mini Garlic Cheeseburger Recipe for Game Day
Mini Garlic Cheeseburger Recipe for Game Day
The best part of football season has got to be the food. Whether you love dips and appetizers or chicken wings and sliders, game day food is simply the best. When it comes to feeding a crowd, I like recipes that are not only easy but also delicious. Today I’m sharing with you how to make one of my favorite game day recipes. My family loves to eat mini cheeseburgers especially while watching a big game. Below you’ll find an easy way to make mini garlic cheeseburgers for a crowd.
Mini Garlic Cheeseburger Recipe
Course: Main Course
Cuisine: American
Servings: 6 or more people
Author: thedomesticdiva.org
Ingredients:
- 2 lbs of ground beef
- 1 tbsp dried minced onions
- 1 tbsp of minced fresh garlic
- 2 tbsp of Worcestershire sauce
- 12 dinner rolls or potato rolls
- 6 slices of Colby and Monterrey Jack Cheese
Topping:
- 4 tbsp of unsalted butter melted
- 1 tsp of minced fresh garlic
Instructions
- In a large bowl, combine ground beef, minced garlic, dried minced onions, and Worcestershire sauce.
- Divide meat into 12 even portions.
- Roll each portion into a ball.
- Between two pieces of plastic wrap, flatten each portion with a rolling pin until about 1/4 to 1/2 inch thick. You want the burgers just slightly larger than your dinner rolls as they will shrink to the perfect "bun size" as they cook.
- In a preheated nonstick pan, cook burgers on medium-high heat. Once one side begins to brown, flip the burger with a spatula and continue cooking until cooked all the way through. Cooking times will vary. Burgers will be done meat is no longer pink in the center. OR....These mini burgers can also be cooked on an indoor grill like this Hamilton Beach Indoor Grill. Simply place each burger patties onto the bottom plate of the preheated (450°F) indoor grill, press the top plate down, and cook until burgers are done.
- Once burgers are cooked, slice dinner rolls in half and place one burger patty inside.
- Take one cheese slice and fold in half, place half a slice of cheese on each burger before place the dinner roll top back onto the burger.
- Combine melted butter and teaspoon of garlic. After placing all of the assembled mini burgers onto a baking sheet, brush the tops of the dinner rolls with the garlic butter mixture. Cover baking tray with aluminum foil and bake in the preheated 350°F oven for 5 minutes until rolls are soft and cheese is melted.
- Serve burgers with your favorite toppings (examples: mustard, ketchup, lettuce, tomatoes, etc.)
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