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!
Simply Lasagna
Simply Lasagna
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Recipe By Kraft
Prep Time 20 min.
Total Time 1 hr. 20 min.
Servings12 servings, 1 piece (183 g) each
What You Need
- 1 lb. (450 g) lean ground beef
- 2-1/2 cups Cracker Barrel Shredded Part Skim Mozzarella Cheese, divided
- 2 cups light ricotta cheese
- 1/2 cup Kraft 100% Parmesan Grated Cheese, divided
- 1/4 cup chopped fresh parsley
- 1 egg, beaten
- 1 jar (650 mL) Classico di Napoli Tomato & Basil Pasta Sauce
- 1-1/2 cups water
- 12 lasagna noodles, uncooked
Make It
- Heat oven to 350°F.
- Brown meat in large skillet on medium-high heat. Meanwhile, mix 1-1/4 cups mozzarella, ricotta, 1/4 cup Parmesan, parsley and egg until blended.
- Drain meat; return to skillet. Stir in pasta sauce. Pour water into empty sauce jar; cover and shake well. Add to skillet; stir until blended.
- Spread 1 cup meat sauce onto bottom of 13x9-inch baking dish; top with layers of 3 lasagna noodles, 1/3 of the ricotta mixture and 1 cup meat sauce. Repeat layers twice. Top with remaining noodles and meat sauce. Sprinkle with remaining mozzarella and Parmesan. Cover with foil sprayed with cooking spray.
- Bake 1 hour or until heated through, uncovering after 45 min. Let stand 15 min. before cutting to serve.
Kitchen Tips
Serving Suggestion
Serve with a crisp green salad tossed with Kraft Calorie-Wise Zesty Italian Dressing.
Easy Cleanup
The foil is sprayed with cooking spray before using to cover the lasagna to help prevent it from sticking to the melted cheese.
Easy Cleanup
Placing a layer of sauce under the first layer of noodles will help prevent the noodles from sticking to the bottom of the baking dish.
Shortcut
Adding water to the sauce helps cook traditional noodles during baking, so you don't have to cook them beforehand. This saves you 15 to 20 minutes of prep time.
Note
The noodles will expand during baking to fill the baking dish.
Substitute
Substitute 1 pkg. (300 g) frozen chopped spinach for the browned ground beef. Thaw spinach; squeeze out excess liquid. Prepare as directed, covering each ricotta layer with 1/3 of the spinach.
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