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!
SOUTHERN BISCUITS AND SAWMILL GRAVY (SAUSAGE GRAVY)
SOUTHERN BISCUITS AND SAWMILL GRAVY (SAUSAGE GRAVY)
Nothing says comfort like waking up to a warm plate of Southern-style Buttermilk Biscuits and Sausage Gravy for breakfast!
This is one of my FAVORITE comfort food breakfasts. Creamy gravy ladled over steaming, crumbly biscuits always make me nostalgic. Each year for Christmas brunch the family depends on my grandma to show up with a big slow-cooker full of her thick sausage gravy and mounds of warm, buttery biscuits.
Fluffy biscuits are so simple to make. You know you want some for breakfast!
Ingredients
- 2 cups unbleached all-purpose flour
- 1 tsp salt
- 2 tsp baking powder
- 1/4 tsp baking soda
- 3/4 cup buttermilk, cold*
- 4 Tbsp butter, melted
Instructions
- Preheat your oven to 450F. Lightly grease a baking sheet and set aside.
- In a large mixing bowl combine flour, salt, baking powder, and baking soda.
- Pour the buttermilk into a second bowl. Gently pour the melted butter into the cold buttermilk, stirring as you pour. (The butter should solidify into nice small flakes.)
- Pour the buttermilk and butter mixture into the dry ingredients, mixing just until your dough comes together.
- Knead the dough gently 5-6 times and then roll it out to 1/2 inch thick. Cut your biscuits with a 2 1/2 inch biscuit (or cookie) cutter. Re-roll any excess dough and continue cutting until all the dough has been used.
- Place the cut biscuits onto the greased baking sheet. Bake for 14 - 15 minutes or until lightly golden. Serve warm.
Recipe Notes
*Don't have buttermilk? No problem. Place a scant tablespoon of white vinegar in a 1 cup liquid measure. Add milk to 3/4 c. Let the mixture stand for 5 minutes before using in the recipe.
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