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!
Biscuits and Gravy Casserole
Biscuits and gravy is a classic breakfast casserole that brings me back to my childhood mornings with my granny. You are going to love this easy Biscuits and Gravy Casserole.
How yummy does this recipe look? It’s not of my favorites! I remember growing to stay the night with my granny on the weekend. She snored so load I couldn’t sleep but she let me keep CMT on the TV and I would listen and watch the country music videos to fall asleep too. Then each morning she would wake up before us and have a big breakfast ready or whisk us away to a local breakfast restaurant. Biscuits and gravy was our favorite and it still is mine to this day.
Once your sausage is cooked you want to add flour, garlic powder, salt, and pepper right to the skillet. Cook together until your flour mixture is competently adsorbed, this make your gravy nice and think.
Time to add your milk and simmer until your gravy has thickened. Once it has a good thickness add it to the bottom of a casserole dish.
Preheat your oven and then cut your biscuits into 4 pieces. Add all the biscuits to the top of your casserole dish and bake. Once baked brush the tops of your biscuits with melted butter.
Ingredients
- Breakfast sausage, 1 pound
- Flour, 4 tbsp
- Garlic powder, 1/2 tsp
- Salt,1/2 tsp
- Pepper, 1/2 tsp
- Milk, 2 1/2 cups
- Melted butter, 2 tbsp
- Refrigerated Biscuit Dough, 1 can
Instructions:
- In a large skillet brown ground sausage until cooked through.
- In a mixing bowl mix together flour, garlic powder, salt, and pepper. Add to skillet with ground sausage and cook until absorbed.
- Add milk and stir. Bring to a simmer, cook, and frequently stir on low around 5 minutes while gravy starts to thicken.
- Pour gravy into a casserole dish. Preheat oven to 400 degrees F. Slice canned biscuits into 4 pieces and add to the top of the gravy. Bake for 15-20 minutes until your biscuits are golden brown. Last brush the top of the biscuits with melted butter. Serve and enjoy this yummy breakfast!
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