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!
BAKED JALAPEÑO POPPER MAC AND CHEESE
BAKED JALAPEÑO POPPER MAC AND CHEESE
This tasty baked Mac and cheese recipe is bursting with bold jalapeño popper flavors!
Y’all, this is the most epic Mac and cheese. If you’re a fan of jalapeño poppers, and love the comfort of Mac and cheese… then this is it. The one Mac and cheese recipe you need to try… immediately!
Ever since I posted this family favorite recipe back in 2016, I’ve been meaning to add more recipe like it… but time got away from me! Honestly, I just have SO many recipes that I’m dying to share, and things get pushed to the back burner.
INGREDIENTS
- 1 tsp olive oil
- 1/2 cup panko breadcrumbs
- 1 box (16 oz) dried short cut pasta (cavatappi, elbow, rotini, penne, etc)
- 4 Tbsp unsalted butter
- 2-3 fresh jalapeños, seeds and ribs removed, diced
- 1/3 cup diced yellow onion
- 3 cloves garlic, minced
- 1/4 cup all-purpose flour
- 2 cups heavy cream (or half and half)
- 1 cup whole milk
- 4 oz cream cheese, softened to room temperature (and cubed)
- 2 cups shredded mozzarella cheese, divided
- 2 cups shredded or diced white American cheese, divided
- 1 tsp kosher salt
- 1/2 tsp black pepper
- 1/2 tsp ground cumin
- 8 slices bacon, divided
INSTRUCTIONS
- In a small saucepan, heat 1 tsp olive oil over MED heat. Add panko and stir around until coated and panko is starting to brown. Set aside.
- Preheat oven to 350 F degrees. Lightly grease a 3 qt baking dish (like a 9x13 pan), and set aside. Boil a large stockpot of water and cook pasta until 1 minute shy of al dente. Drain and toss pasta in a drizzle of olive oil to prevent sticking.
- Add butter to a large saucepan and heat over MED heat. Add jalapeños and onion, and cook 2 minutes. Add garlic and cook 1 minute, stirring often.
- Add flour and stir to combine. Cook 1-2 minutes to get rid of the raw flour taste. Pour in heavy cream and milk, whisking to combine so lumps from the flour mixture are gone. Cook several minutes until thickened, stirring very often.
- Add in cream cheese and stir until it's melted into the sauce. Add in most of the mozzarella and white cheddar cheese, stirring until it's all melted. Add spices (salt, pepper, cumin) and stir. If you notice the sauce getting TOO thick, add in a splash of milk and stir.
- In a large mixing bowl, add cooked pasta, cheese sauce, and most of the bacon. Stir it all together and pour into prepared baking dish. Top with remaining mozzarella and white American cheeses and remaining bacon. Sprinkle with the toasted panko and bake, uncovered, for 15 minutes.
- Serve hot, garnished with additional sliced jalapeños, and parsley or cilantro if desired.
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