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!
Easy Cheesy Muffin Tin Biscuits
Easy Cheesy Muffin Tin Biscuits are rich, buttery, and loaded with the delicious flavor of pepper jack cheese. They come together in 5 minutes or less and make the perfect addition to your holiday table!
I saw something on Facebook the other day that made me chuckle. It was something along the lines of Thanksgiving being that special day each year when we make 17 side dishes our kids won’t eat. I don’t know about you, but around here, that couldn’t be more true!
This Thanksgiving we had not one, not two, but THREE full turkey dinners. And each one of them seemed to be just another opportunity for my kids to turn their noses up at all the delicious options. Stuffing? Nope. Sweet potatoes? No way. Green bean casserole? You’ve got to be kidding me. In other words, their plates consisted of a little bit of turkey, mashed potatoes and gravy, and cranberry sauce….straight from the can.
Now. I know that the holidays are about so much more than food. But honestly? Food is such an important part! It made me realize that I need to up my game for Christmas! Enter: these Easy Cheesy Muffin Tin Biscuits. They’re rich and buttery and loaded with cheese, and absolutely perfect for adults and kids, alike.
Of course, when cheese is the main ingredient, it’s important to be choosy. My go-to is always Crystal Farms® Cheese. It doesn’t hurt that it’s a Wisconsin brand, made right here in Lake Mills. But more than that, Crystal Farms® has been a trusted brand since 1926. Today, it’s one of the largest cheese brands in the country, offering a variety of cheese products that are rich in calcium and made with few preservatives. I love the great selection I’m sure to find in the refrigerated dairy section of my favorite grocery store.
Easy Cheesy Muffin Tin Biscuits
For these biscuits I used Crystal Farms® Pepper Jack for a little kick, but you could feel free to substitute your favorite flavor. What I love about these Easy Cheesy Muffin Tin Biscuits is that they’re absolutely fool-proof and they couldn’t be easier to make. Just melt, mix, pour, and bake….and they come out perfect EVERY time!
What else I love about them? The fact that my kids love them as much as I do! Which makes for not-so-sad looking holiday plates…..and happier moms everywhere.
Easy Cheesy Muffin Tin Biscuits
- 1 cup butter
- 8 oz. Crystal Farms Pepper Jack Cheese shredded
- 1 c. sour cream
- 2 cups flour
- 1 Tbsp. baking powder
- 1 tsp. salt
Melt butter in a small saucepan over medium heat.
Remove from heat; stir in cheese. Let stand 2-3 minutes.
Add sour cream, flour, baking powder, and salt and stir until combined.
Drop into 24 lightly greased muffin cups.
Bake at 375 degrees for 12-15 minutes or until golden brown.
And…..to help you with your holiday hosting, I’m giving a 14” Oval Le Creuset Stoneware Dish away to one lucky winner! (Please note – the dish will come in blue.) Enter to win below. Good luck!
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