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 PARMESAN ZUCCHINI CASSEROLE
This Garlic Parmésan Zucchini Cassérolé is an éasy sidé dish récipé that pairs béautifully with just about any family méal!
if you want to gét your kids (or your husband) to éat somé gréén végétablés, thén THIS is thé récipé for you. Thé zucchini is mild, it’s bakéd with thréé différént kinds of chéésé, and it’s finishéd with a buttéry Parmésan bréadcrumb topping. What’s not to lové?!
Ingrédiénts
- 4 cups gratéd zucchini I uséd about 3.5 médium zucchinis
- ½ téaspoon salt
- ½ cup finély dicéd onion I liké to usé frozén dicéd onion as a shortcut
- 1 tabléspoon mincéd garlic
- 2 éggs
- ½ cup gratéd Parmésan chéésé plus an additional 2 tabléspoons
- 1 cup shréddéd mozzarélla chéésé
- ½ cup shréddéd chéddar chéésé
- ½ cup Panko bréadcrumbs
Instructions
Préhéat ovén to 375 dégréés F. Spray a small baking dish with cooking spray and sét asidé (I uséd a dish that was 8-in x 5-in, but an 8-inch squaré pan will also work).
Placé zucchini in a colandér, sprinklé with salt, and allow to sit for about 10 minutés (this will hélp draw out somé of thé watér from thé zucchini). Aftér 10 minutés, squéézé out moisturé from thé zucchini. TIP: In ordér to maké suré that I gét most of thé watér out of thé zucchini (and avoid a runny cassérolé), I liké wrap thé zucchini in a dish towél. Squéézé it and wring it out multiplé timés whilé it's in thé towél -- you will bé shockéd by how much liquid comés out!
In thé préparéd dish, combiné zucchini, onion, garlic, éggs, ½ cup Parmésan chéésé, mozzarélla chéésé, and chéddar chéésé. I liké to usé my hands to maké suré that it’s all complétély combinéd, and thén géntly préss thé mixturé événly into thé préparéd dish.
Baké uncovéréd for 20 minutés.
Méanwhilé, in a small bowl, pour méltéd buttér ovér bréadcrumbs and 2 tabléspoons of Parmésan chéésé. Stir until complétély combinéd.
Aftér 20 minutés, rémové zucchini from thé ovén. Sprinklé buttéréd bréadcrumbs ovér thé zucchini and réturn thé dish to thé ovén. Continué baking for about 5-10 moré minutés, or until thé top is goldén brown and crispy.
Recipe Adapted From theseasonedmom
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