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!
GARLIC BACON CHEESE DIP
GARLIC BACON CHEESE DIP
I mean does this dip not look insanely fall of the chair delicious? What’s not to love? Cream cheese, sour cream, GARLIC, BACON, Mozz and Parm cheese, a little green onion and a few seasonings. It’s the garlic and the bacon though…that make this…insanely…amazingly…good.
You can never have too much garlic, bacon and cheese. Am I right or am I right?
FOOD! What better way to cheer on your favorite Super Bowl team than with a big dish of hot garlicky, bacony cheesy dip served with some chips. Not just any chips…Food Should Taste Good Blue Corn Tortilla Chips. I love the color, what can I say?
And they’re just good and crunchy. We have a thing for tortilla chips around our house…they have to be super crunchy and slightly different. Food Should Taste Good Chips are totally that…crunchy and slightly different than a typical tortilla. They come in different flavors like, well, blue corn, and multigrain (love these with hummus!) and sweet potato! They’re also ALL NATURAL – love. Great for snacking I tell ya.
Ingredients
- 1 8 ounce package regular cream cheese, room temperature
- 1 cup sour cream
- 8 slices cooked bacon, chopped
- 2½ teaspoons minced garlic
- 1 teaspoon dried parsley flakes
- 1 teaspoon black pepper
- 2 tablespoons chopped green onions plus more for garnish if desired
- 1 8 ounce bag shredded mozzarella cheese, divided
- ¼ cup Parmesan cheese
- Food Should Taste Good Blue Corn Tortilla Chips
Instructions
- Preheat oven to 400 degrees.
- Cook bacon in a pan or oven; set aside on paper towel to cool.
- In a bowl, whisk together cream cheese and sour cream. Add most of the cooked bacon (save some for garnish), garlic, parsley, black pepper, and green onions and mix with a spoon. Lastly, add 1 cup mozzarella cheese and Parmesan cheese and stir.
- Pour mixture into an 8x8 or 9x9 glass baking dish (I used a pie dish), top with remaining mozzarella and bake for 12 minutes, then turn oven to broiler and broil until top is slightly golden brown, about 3-5 minutes. Garnish with extra bacon and green onion and serve with Food Should Taste Good Tortilla Chips.
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