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!
Sausage Stuffed Mushrooms
If I'm being honest, I'm not a huge fan of mushrooms and neither is Matthew. In fact, we don't like them at all. But, you know what makes a great appetizer? Sausage Stuffed Mushrooms! And, we didn't have this realization until these were made, pictures were taken and we finally had the chance to try one. The combination of the meat, cheese and onion in a low carb vehicle makes this recipe worth trying and making time and time again!
The fun part about this recipe is that you can really use any filler you want. Though, normally these are made with cream cheese we opted for cheddar cheese for a stronger bite and better aesthetic. The onion adds a great crunch and the best part about stuffing something with its self is that there is no waste! The mushroom acts with dual purpose in this recipe. Next time I make this I'll probably use an even stronger cheese - maybe blue - and add more crunch with celery! Yum!
Baked Sausage Stuffed Mushrooms
Baking these mushrooms is an important step in the process. By doing so the mushroom caps get soft enough to eat in one bite. It also melds all the ingredients together into a creamy, crunchy, cohesive filling! A tip I have for you is to scoop out the mushrooms a little with a spoon so that you can get more filling into each cap! This is great especially for those who aren't huge mushrooms fans because you get more sausage, cheese and onion in each bite.
- 2 links sausage (we use Bottos)
- 20 Baby Bella Mushrooms
- 1 cup Cheddar Cheese
- 1/4 medium Onion
- 1.5 tsp minced garlic
- 1/4 tsp pepper
- 1/4 tsp Pink Salt
Remove stalks from all of the mushrooms and dice the stalks.
Dice the onion and combine with the diced stalks. Set aside.
Remove sausage links from their casing and cook ground sausage. Once fully cooked set aside to cool.
Add onion, stalks, and garlic to pan and cook down until onions are translucent. Transfer to a bowl and combine with sausage and cheddar cheese. Add salt and pepper.
Scoop sausage mixture into mushroom caps until you've filled all the mushrooms.
Place mushrooms on a baking sheet and bake at 350 degrees for 20 minutes.
Serve warm. Enjoy!
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