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!
Creamy Spinach Parmesan Orzo
Creamy Spinach Parmesan Orzo
While practically all pasta dishes can be deemed "family-friendly," this one might just win the prize. I think it has something to do with the way orzo appeases everyone at the table. Maybe it's because of its cute, rice-like shape or its almost-spoonable quality. Regardless, it's a fast-cooking favorite for weeknight ease, and a great vehicle for handfuls of spinach.
Turn that orzo into a one-pot meal, where the liquid it's cooked in becomes a ridiculously creamy sauce before baby spinach and Parmesan are stirred in. What you have is a dinner that's guaranteed a recurring spot on your weekly meal plan. So you should pencil it in right away.
Since orzo is so quick-cooking, it's a perfect choice for a one-pot dinner. It will cook up fast in a simmering pot of chicken or vegetable broth and milk, and the starch that leaches out of the pasta actually helps to thicken the creamy sauce. There's little work required of you, besides stirring in a few big handfuls of roughly chopped baby spinach (chopped so that it wilts extra fast) and plenty of grated Parmesan cheese.
INGREDIENTS:
- 2 tablespoons olive oil
- 1 small yellow onion, diced
- 2 cloves garlic, minced
- 1 pound orzo pasta (about 2 1/2 cups)
- 2 cups low-sodium chicken or vegetable broth
- 2 cups whole milk
- 2 cups packed baby spinach, coarsely chopped
- 1 cup freshly grated Parmesan cheese, plus more for serving
- Kosher salt
- Freshly ground black pepper
INTRUCTIONS :
- Heat olive oil in a large Dutch oven or pot over medium-high heat. Add the onion and sauté until softened and fragrant, about 3 minutes. Add the garlic and orzo, season with salt and pepper, and sauté until fragrant, about 1 minute.
- Stir in the broth and milk and bring to a boil. Cover, reduce to a simmer, and cook the pasta to al dente, stirring occasionally, until most of the liquid is absorbed and has formed a creamy sauce for the pasta, about 10 minutes or according to package instructions. (If the pasta isn’t completely cooked once this has happened, you can add another splash or two of broth to the pot and continue to simmer until it has.) Stir in the spinach and Parmesan cheese until the spinach has just wilted and the cheese melts, about 1 minute. Taste and season with salt and pepper as needed. Garnish with additional grated cheese if desired.
Recipe Notes
Storage: Leftovers can be stored in an airtight container and refrigerated for up to 3 days.
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