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!
BAKED CHEDDAR RANCH POTATOES
BAKED CHEDDAR RANCH POTATOES
With Thanksgiving just a couple of weeks away, I have started to plan out my menu. My mom is in charge of making the turkey so I normally bring a couple of side dishes and a dessert or two. This year I wanted to break from tradition and make something that I know the whole family will love. Just this past week I decided I would be making Baked Cheddar Ranch Potatoes Of course I had to “test” it out with the family before the big day, just to make sure it was something that was holiday worthy.
BAKED CHEDDAR RANCH POTATOES
INGREDIENTS
- 3 lbs red Potatoes (Washed and Diced with the Peel on)
- 1 Cup Ranch (You can use more or less if you like)
- 1 1/2 Cups Cheddar Cheese
- 1/4 Cup Diced Bacon
- 1 tsp Seasoning Salt
- Salt & Pepper to Taste
DIRECTIONS
- First thing you need to do is wash your red potatoes very good. Make sure you scrub the skin so there is no dirt on them. Next dice the red potatoes into 1-1 1/2 inch pieces. Fill a large pot with water and 1 tsp salt. Add the Red Potatoes.
- Let the potatoes come to a boil then cook at a low boil for 10 minutes or until the potatoes are soft enough to poke a fork through them. Drain the potatoes well.
- Put the potatoes back into the pot and add 1 cup of ranch dressing, 1 cup of cheddar cheese, 1 tsp salt, 1 tsp pepper and 1 tsp seasoning salt. You can use any brand of ranch, but here is the ranch that I prefer and think tastes the best. Mix together well, but make sure not to stir hard or you’ll end up with mashed potatoes.
- Place the mixed potatoes in greased casserole dish and top with the remainder cheddar cheese (1/2 cup) and 1/4 cup diced bacon. Place the cheddar ranch potatoes in a pre-heated oven at 350 degree for 8-10 minutes or until the cheese is completely melted.
- I’m telling you, I may never go back to plain mashed potatoes again. These Baked Cheddar Ranch Potatoes are amazing and the best part is, they are so easy to make!
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