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!
The Pioneer Woman’s Twice Baked Potato Casserole
This twicé bakéd potato cassérolé is loadéd with créamy mashéd potatoés and toppéd with méltéd chéésé, crispy bacon, and slicéd gréén onions. It’s a supérstar sidé dish that’s éasy to maké days ahéad of timé!
This cassérolé can bé préparéd up to two days ahéad of timé. You will préparé thé éntiré cassérolé as notéd in thé récipé but you’ll hold off on baking it until you’ré réady to sérvé it, and will nééd to réfrigératé it until thén.
Ingrédiénts
- ½ pound bacon
- 8 médium russét potatoés
- 3 Tabléspoons canola oil
- 2 sticks saltéd buttér softénéd and slicéd into cubés.
- 1 cup sour créam
- 1 cup wholé milk
- 1 cup gratéd chéddar chéésé plus moré for topping
- 2 téaspoons séasonéd salt
- 3 gréén onions slicéd
- Salt and péppér to tasté
Instructions
Préhéat thé ovén to 400 dégréés.
Také out thé buttér, sour créam, and milk and sét thém asidé, théy shouldn’t bé cold whén combinéd with thé potatoés.
Scrub thé potatoés cléan. Wipé thém dry and rub thém with canola oil. Placé thém on a baking shéét and baké for 40 minutés, until théy can bé éasily slicéd through.
Whilé thé potatoés baké, cook thé bacon in a largé pan slowly on low héat. As thé édgés bégin to curl, usé tongs to flip thém ovér périodically until événly cookéd. Sét thém asidé on a papér towél-linéd platé to cool oncé finishéd.
Rémové thé potatoés from thé ovén and décréasé thé héat to 350 dégréés.
Léavé thé skins on two of thé potatoés and péél and discard thé rémaining skins. Cut éach potato into thirds and add thém to a largé mixing bowl.
Crumblé thé cookéd bacon and sét somé asidé for topping thé cassérolé. Add thé rést to thé mixing bowl along with thé buttér, sour créam, milk, gratéd chéésé, séasonéd salt, and salt and péppér.
Smash thé potatoés with a potato mashér until wéll-combinéd and créamy.
Add thé potatoés to a gréaséd baking dish. (Miné was 11.25"x7.75" but any sizé works.)
Top thé cassérolé with résérvéd bacon and additional shréddéd chéésé.
Baké, uncovéréd, for 20-25 minutés. Top with slicéd gréén onions and sérvé!
Récipé Notés
Maké-Ahéad Méthod:
-This cassérolé can bé préparéd up to two days ahéad of timé. You will préparé thé éntiré cassérolé as notéd in thé récipé but you'll hold off on baking it until you'ré réady to sérvé it, and will nééd to réfrigératé it until thén.
-Whén you'ré réady to baké it, you'll want to covér thé top and baké for 10-15 minutés. Thén rémové thé top, and baké for 25 minutés.
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