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!
Bacon, Red Pepper, and Mozzarella Frittata
You can just portion this out into 6 servings and eat it for breakfast, brunch, or dinner on the days to come! If you need to take in less calories, feel free to slice this into 8 or 10 slices. A simple bread knife will easily slice through this with out breaking up the other ingredients.
Bacon, Red Pepper, and Mozzarella Frittata Recipe
Ingredients : - 7 slices bacon
- 1 tablespoon olive oil
- 4 large mushroom caps
- 2 tablespoons fresh parsley
- ½ cup chopped fresh basil
- 4 ounces fresh mozzarella, cubed
- 2 ounces hard goat cheese, grated
- 1 medium red bell pepper
- 8-9 large eggs
- ¼ cup heavy cream
- ¼ cup Parmesan cheese, grated
- Salt and pepper to taste
Directions :- Prep all vegetables. Roughly chop basil, red pepper, mushrooms and bacon. Cube mozzarella and set aside. Preheat oven to 350F.
- In a hot pan, add olive oil and wait for the first wisp of smoke. Add your bacon immidiately after that first wisp of smoke.
- Let the bacon cook until browned, then add red pepper. Let the pepper cook in the bacon fat until soft.
- While red peppers are cooking, add 9 eggs, 1/4 cup heavy cream, 1/4 cup parmesan cheese, and fresh ground black pepper to a container. Use a whisk to mix the eggs well.
- Add the mushrooms to the pan once the red pepper is soft and stir in well. Let the mushrooms soak in the fat.
- Add fresh basil to pan and let it cook for a moment, then sprinkle cubed mozzarella cheese on top.
- Pour eggs over everything and use a spoon to lift up the ingredients at the bottom of the pan. You want the eggs to get under and around everything in the pan.
- Grate 2 oz. goat cheese over the top and put it in the oven for 6-8 minutes. Then, turn the broiler on and broil the top for an additional 4-6 minutes.
- Remove from the oven and using your spoon, pry the edges of the frittata away from the pan. Once done, flip the frittata out of the pan. Slice and serve!
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