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!
BLT Pasta Salad Recipe
BLT Pasta Salad Recipe
BLT Pasta Salad Recipe – delicious Summer pasta salad idea! Bacon, lettuce and tomatoes with farfalle pasta and creamy dressing (mayo-free option too!) is like your favorite BLT sandwich toppings in a bowl.
HOW TO MAKE BLT PASTA SALAD
- Crispy bacon (baked in the oven), chopped or torn Romaine lettuce, chopped tomatoes (I used on-the-vine type but Roma would be good too) are tossed with cooked and cooled pasta and creamy Ranch dressing. Great option for a lunch to work or a trip meal! Keep dressing separately until you are ready to eat.
- For the dressing, I mixed ranch salad dressing, mayo and sour cream. If you want to avoid mayonnaise, replace it with sour cream or Ranch. Just make sure you have about 3/4 cup of the creamy mixture to toss the salad with. It’s the perfect amount in my opinion.
BLT PASTA SALAD RECIPE
Prep Time 10 mins
Cook Time 7 mins
Total Time 17 mins
Course: Salad
Cuisine: American
Keyword: pasta salad
Servings: 6 people
Calories: 287 kcal
Author: Anna@CrunchyCreamySweet
Ingredients
- 2 cups uncooked farfalle pasta
- 4 cups chopped or torn Romaine lettuce
- 1,5 cup chopped tomatoes
- 4 slices bacon cooked to crispy, chopped
- 1/2 cup chopped red onion
- !for the dressing:
- 1/4 cup Ranch dressing
- 1/4 cup sour cream
- 1/4 cup mayonnaise
- 1/4 tsp ground black pepper
- 1 Tbsp apple cider vinegar
US Customary - Metric
Instructions
- Cook pasta according to instructions on the box. Drain, rinse with cold water. Set aside.
- Place salad ingredients in a large bowl.
- In a small bowl, stir together dressing ingredients. Pour over salad. Toss gently to coat.
- Refrigerate until ready to serve or serve right away.
Recipe Notes
Notes:
- You can use any bite-size pasta you like. Rotini is a fantastic option!
- Feel free to skip the onion, if you are not a fan.
- For a mayo-free option, replace mayonnaise with more sour cream or Ranch dressing. Just make sure to make 3/4 cup of mixture. You can also use healthier options, like avocado mayo.
- Feel free to use more bacon!
- I used on-the-vine tomatoes for this salad. Roma is another great option. You can also use cherry tomatoes.
- You can use white vinegar but I highly recommend apple cider vinegar in cooking.
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