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!
The Best Damn Lasagna on Earth!
The Best Damn Lasagna on Earth!
Lasagna seems a simple enough idea until you try it. Honestly, it’s pretty involved. Expect to use practically every pan you own. Also plan on at least one hour of prep and one hour to cook. On the bright side, there is often leftovers, depending on how many you are feeding. Lasagna is kind of funny in that it’s one of those meals that actually tastes better reheated after a day in the fridge. The layers seem more defined and congealed, especially that pesky ricotta.
PREP TIME 1 MIN
COOK TIME 1 MIN
Ingredients
- 1/2 lb beef
- 1/2 lb pork
- 1 tbsp each: oregano, basil, rosemary (or 3 tbsp of an Italian blend of herbs)
- 1/2 yellow onion chopped
- 4 garlic cloves chopped, divided
- 9 lasagna noodles boiled al dente
- 2 cans of your favorite marinara sauce (roughly 48 oz)
- 1 16 oz container ricotta
- 4 tbsp pesto
- 1 egg
- 1/2 cup parmesan shredded
- 4-5 cups mozzarella shredded (or a blend of Italian white cheeses)
Instructions
- About an hour before cooking, spread out ricotta on a plate and place a couple paper towels over it to soak up some of the moisture.
- Preheat oven to 375.
- Prepare lasagna noodles according to package directions.
- In a skillet crumble and cook beef, pork, onion, herbs, and 2 diced garlic cloves.
- While beef is cooking, add 2 cans of marinara sauce to a large sauce pan and warm up.
- After beef and pork is cooked through add to marinara sauce, do not drain.
- Simmer until you are ready to assemble lasagna.
- In a bowl mix ricotta, egg, pesto, 2 diced garlic cloves, and parmesan cheese.
- Now it's time to layer your lasagna!
- In a 9x13 pan, spread a thin layer of sauce.
- Next lay out your first layer of noodles and cover with meat sauce.
- Add a generous layer of mozzarella.
- Then another layer of noodles topped with the ricotta blend.
- Sprinkle with more mozzerella.
- One more layer of noodles and add the rest of the sauce... and don't put the last cheese layer on yet! You heard me! You are going to cook the lasagna without the epic top cheese layer first!! Cover it with foil, cut a few vents and bake for 30 minutes.
- Take the pan out and remove the foil.
- Now put on that epic last layer of mozzerella cheese! I like to add a little garlic salt and parmesan to the top for extra flavor.
- Bake for another 20-30 minutes until cheese is browned and bubbly.
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