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!
CAJUN LASAGNA
CAJUN LASAGNA
Don’t forget this is the ultimate leftover lunch meal!
Enjoy.
Cajun Lasagna
Prep Time: 10 minutes
Cook Time: 2 hours
Total Time: 2 hours, 10 minutes
Serving Size: 6-8
Ingredients
- 1 lb ground turkey
- 1 lb andouille sausage, fresh, casing removed
- 1 box lasagna noodles, dried
- 1 red onion, diced
- 1 bell pepper, diced
- 1 stalk celery, diced
- 1/2 bunch Italian parsley, minced
- 4 cloves garlic, minced
- 2 cups chicken broth
- 1 28oz. can crushed tomatoes
- 1 6oz. can tomato paste
- 1 1/2 tablespoons creole seasoning
- 1 tablespoon black pepper
- 1 tablespoon garlic powder
- 1 tablespoon onion powder
- 1 tablespoon Italian seasonings
- 1 teaspoon crushed red pepper
- 1 teaspoon sugar
For the Ricotta/Cheese Mixture:
- 1 cup parmigiano reggiano cheese, grated
- 2 cups sharp cheddar cheese, grated
- 2 cups jack cheese, grated
- 8 oz. fresh mozzarella cheese, grated
- 2 cups ricotta cheese
- 2 eggs, beaten
- extra virgin olive oil
Instructions
- Pre heat oven to 375 degrees.
- Bring a large pot of salted water to boil. Cook pasta for 6 minutes.
- Rinse Pasta with warm water, drain, coat with oil and set aside.
- Mix seasonings, reserve 1 tablespoon for ricotta/cheese mixture, and divide remaining seasons in half, set aside.
- In a large soup pot heated over medium heat add 2 tablespoon of olive oil, add onion, bell pepper, and celery.
- Saute for about 5 minutes, add garlic and cook 1 minute more.
- Add ground turkey and andouille sauce, break into small chunks. Season with half of the seasoning blend and cook until browned about 15 minutes.
- Add tomato paste and mix well, cook for 5 more minutes.
- Add crushed tomatoes and chicken broth, season with remaining seasoning blend and mix well.
- Lower heat to medium-low add parsley and cook uncovered for 20 minutes, stirring occasionally.
- To Assemble Ricotta/Cheese Mixture:
- Mix Sharp, Jack, and Mozzarella cheese, set aside.
- Mix eggs, ricotta, parmigiano reggiano, 1 cup sharp, jack, and mozzarella cheese mixture with remaining seasoning blend and set side.
To Assemble Lasagna:
- In a large greased 13X9 inch casserole dish, place about 1 cup of pasta sauce on the bottom.
- Top with lasagna noodles, slightly overlapping noodles.
- Top with more pasta sauce, top with about 6 heaping tablespoons of ricotta/cheese mixture.
- Top with a handful of remaining grated cheeses and repeat with another layer of lasagna noodles, meat mixture/ricotta cheese mixture/grated cheese.
- For the last layer top with noodles, pasta sauce and remaining grated cheeses.
- Cover casserole with greased foil and bake at 375 degrees for 30 minutes.
- Remove foil and cook 20 minutes more.
- Remove from oven, allow to cool 10 minutes. Serve with garlic bread.
Notes
If you can't find fresh andouille sausage, smoked sausage can be used and diced into small chunks.
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