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!
CHEESY BACON BROCCOLI SPAGHETTI SQUASH
This Cheesy Bacon Broccoli Stuffed Spaghetti Squash is stuffed to the brim with tender broccoli, crispy bacon, and melted cheese. And You'll love it!
I knew it was going to be good from the get-go, but was legit blown away with the first bite. And the second. And… you’ve got to make this sassified stuffed squash!
Cheesy Bacon Broccoli Spaghetti Squash RecipeThis Cheesy Bacon Broccoli Spaghetti Squash is stuffed to the brim with tender broccoli, crispy bacon, and melted cheese. Love it!
Ingredients- 1 medium spaghetti squash
- 4-6 oz chopped broccoli crowns or add extra!
- 2 slices bacon
- 2-3 oz grated cheese (choose your favorite)
- salt and pepper to taste
- 2 TBSP crumbled feta cheese
- parsley to garnish optional
Instructions- Pre-heat oven to 400 degrees F.
- Slice your spaghetti squash in half lengthwise and scoop out the seeds. For easy cutting, feel free to stick each squash in the microwave for 5 minutes to soften it up just a tad. The knife slides through way easier this way!
- Next grab a lipped baking sheet or a rimmed baking dish.
- Rub the cut side of the squash with a teeny bit of cooking oil.
- Place inside a baking dish or atop rimmed baking sheet and roast face-down for 30-40 minutes, or until tender and easily pierced with a fork. Cooking time will vary a bit depending on the size of your squash, and the once rock-hard exterior of the squash will be visibly softened.
- While the squash roasts, steam or blanch your broccoli and cook your bacon.
- For the bacon, chop and pan-fry until crispy. (approx. 3 minutes)
- Once squash is roasted, allow to cool until easily handled or pop on an oven mit and use a fork to separate and fluff the strands of spaghetti squash.
- Add your broccoli, shredded cheese, and bacon, then season with salt and pepper to taste.
- Top with crumbled feta and bake at 350 degrees F for around 10-15 minutes or until hot and bubbly.
- For a golden cheesy topping, flip your oven to broil on high for just a minute or two until lightly browned.
- Garnish with parsley if desired and dig in!
Recipe Notes- Short on time? The squash can be roasted and stored in the fridge if you'd like to meal prep and plan ahead for a speedier dinner. You can also microwave your squash in lieu of baking if you'd prefer.
- Get Cheesy! Choose your favorite cheeses to use in this dish. I used a combination of creamy Havarti and feta cheese. You could also use Mozzarella + Parmesan, Cheddar, Gruyere, Gouda, or anything your heart desires!
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