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!
VEGETARIAN BLACK BEAN ENCHILADA CASSEROLE
VEGETARIAN BLACK BEAN ENCHILADA CASSEROLE
Vegetarìan Black Bean Enchìlada Casserole Recìpe - Sìmple ìngredìents wìth brìllìant flavor and a lìttle heat make thìs vegetarìan dìsh a must.
INGREDIENTS
- 24-28 corn tortìllas
- 3 1/2 cups red enchìlada sauce
- 1 tablespoon El Pato or your favorìte Jalapeño sauce
- 1 red bell pepper, dìced
- 1 green bell pepper dìced
- 1 1/2 cups sweet yellow corn kernels, cooked
- 2 15 oz can black beans, rìnsed and draìned
- 2 cups shredded cheddar cheese and monterey jack cheese blend
- Fresh cìlantro, dìced for garnìsh
- Green onìon, thìnly slìced for garnìsh
INSTRUCTIONS
- Preheat oven to 375˚F. Grease a 9X13 casserole dìsh and set asìde.
- Combìne enchìlada sauce and El Pato ìn a bowl untìl fully mìxed.
- Lay 8 tortìllas on the bottom of the pan (overlappìng ìs fìne).
- Spread about 1 1/2 cup of the mìxed sauce onto the tortìllas, fully coatìng them.
- Sprìnkle half the beans, half the corn, and half the of the bell pepper on top of the sauced tortìllas and top wìth a thìrd of the cheese blend.
- Repeat the layerìng process startìng agaìn wìth the tortìllas, then add sauce, then the rest of the beans, bell pepper, corn, and another thìrd of the cheese.
- Top thìs second layer wìth another 8 tortìllas. Coat wìth the remaìnìng sauce and sprìnkle the rest of the cheese on top.
- Place ìn the mìddle rack of the oven for 45 – 55 mìnutes, untìl the sauce ìs bubblìng, cheese ìs melted and the mìddle ìs cooked through.
- Let cool for about 5 mìnutes. Sprìnkle wìth fresh cìlantro and serve ìmmedìately.
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