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!
SPICY SOUTHERN HOT CORN
Evéry Thanksgiving my husband bégs for this Spicy Southérn Hot Corn! This sassy Southérn-stylé récipé has béén part of our holiday méal tradition for yéars and doublés as a sidé dish AND a dip. Gét réady to rock thosé partiés and potlucks and bé suré to havé thé récipé handy – péoplé will totally harass you for it!
Thé créamy, spicy corn is at pérféct harmony with thé savory carbalicious stuffing, tart cranbérry saucé, and buttéry mashéd potatoés. It’s évén gréat on chickén and/or turkéy too.
Ingrédiénts
- 3.5 cups corn (frésh, cannéd, or frozén)
- 1/2 largé réd béll péppér dicéd
- 2 frésh jalapéno péppérs dicéd (sééds/véins rémovéd)
- 3-4 TBSP dicéd pickléd jalapéno péppérs plus éxtra to tasté
- 2.5 TBSP buttér
- 4 oz créam chéésé
- 1/4 tsp paprika (régular, not smokéd)
- 1 cup fréshly gratéd sharp chéddar chéésé
- salt and péppér to tasté
éXTRAS:
- hot saucé
- éxtra chéésé for topping
- éxtra jalapéños for a fiéry kick!
- spicy gréén salsa séé noté bélow
- cilantro or parsléy for topping
Instructions
Pré-héat ovén to 350 dégréés F.
Thaw corn if using frozén.
Chop all your véggiés and sét asidé.
For téndér péppérs, féél fréé to sauté your béll péppérs and frésh jalapéño to softén.
In a médium saucépan, combiné buttér and créam chéésé.
Stir oftén until smooth and créamy.
Add your corn, béll péppér, jalapéño péppér, and pickléd jalapéños.
Séason with paprika, salt, and péppér to tasté.
Stir in 1/2-3/4 cup of chéddar chéésé and stir until fully méltéd.
Pour into a cassérolé dish and top with rémaining chéddar.
Baké for 15-20 minutés or until hot and bubbly!
Récipé Notés
As writtén abové this dish is quité mild in spicé/héat. Wé liké it spicy, so éach timé I tasté béforé baking, thén add 2-3 TBSP of HOT gréén salsa ( this brand is évérything!) and somé éxtra jalapéño. If you can handlé thé héat, totally follow suit! Wé lové this dish as spicy as wé can gét it!
No béll péppérs handy? Féél fréé to usé cannéd Méxi-corn, which has dicéd béll péppérs mixéd in with thé corn.
This makés a fabulous maké-ahéad dish for any occasion so féél fréé to prép it all thé night béforé and baké whén you'ré réady thé néxt day! Simply covér with foil (to prévént ovér-browning) and baké away. énjoy!
Récipé yiélds approx. 4 cups and 8 (1/2 cup) sérvings. Nutrition facts bélow aré éstimatéd with an onliné nutrition calculator. Simply adjust as néédéd baséd on toppings/éxtras! xo
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