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!
UNBELIEVABLE CHEESY GARLIC BRUSSELS SPROUT BAKE
UNBELIEVABLE CHEESY GARLIC BRUSSELS SPROUT BAKE
This recipe takes that goodness to the next level and is so creamy and rich you would swear it’s decadent, when really it’s under 140 calories serving and full of veg! Yum.
This recipe initially included half and half and tons of cheese, but I replaced the half and half with 2% milk and scaled back the cheese so it wasn’t so overwhelming. The whole casserole dish was DEVOURED by my family and got rave reviews by everyone (which is saying something since my sister is an incredibly picky pescatarian and my dad is all about the steak and potato life).
Make this! It will become your new favorite veggie side dish :).
UNBELIEVABLE CHEESY GARLIC BRUSSELS SPROUT BAKE
PREP TIME 10 mins
COOK TIME 25 mins
TOTAL TIME 35 mins
Author: Apple of My Eye
Serves: 8 servings
INGREDIENTS
- 4-5 cups brussels sprouts, halved
- 2 tbsp butter
- 3 cloves garlic, minced
- ¼ cup flour
- 2 cups 2% milk
- 1 cup gruyere cheese, grated
INSTRUCTIONS
- Preheat oven to 375.
- Fill a large pot with water and bring it to a boil. Add the brussels sprouts and cook for 5-6 minutes until slightly tender. Drain the water from the pot and run the brussels sprouts under cool water to stop the cooking process. Pat the brussels sprouts as dry as possible.
- While the brussels sprouts are cooking, cook the minced garlic in the butter in a large saucepan until fragrant. Whisk in the flour and cook for 1 minute. Slowly add in the whole milk and cook for 5-6 minutes or until thickened, whisking to remove any flour clumps.
- Remove the saucepan from the heat and stir in ½ of the gruyere cheese. Stir until melted and season with salt and pepper.
- Pour the gruyere mixture over brussels sprouts and stir till they are evenly coated. Add the mixture to a large baking dish and sprinkle the remaining cheese on top. Bake for 20-25 minutes until nicely browned (I broiled the dish for the last 1-2 minutes).
NUTRITION INFORMATION
Serving size: ⅛th recipe Calories: 139 Fat: 8.6g Saturated fat: 5.1g Carbohydrates: 8.4gSugar: 3.4g Fiber: 1g Protein: 7.6g Cholesterol: 27.6mg
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