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!
Mini Meatloaf Pepper Rings
Stuffed Mini Meatloaf Pepper Rings make a delicious one-pot supper!
They are a super easy supper to make! Even though my kiddos aren’t big on the peppers, they sure do dig any type of meatball-related dinner. I thought it was so cool how she got so creative with bell peppers.
Now, I like to use a lean ground beef for this dish to minimize how much the meat will shrink down in the peppers. Plus it keeps it a healthier meal . I served it with a little green salad, skipped out on the carbs, and felt really good about my dinner.
Mini Meatloaf Pepper Rings RecipeStuffed Mini Meatloaf Pepper Rings make a delicious one-pot supper!
INGREDIENTS- 4 large bell peppers (red, yellow, or orange)
- 2 lbs. lean ground beef
- 1½ tsp creole seasoning
- ¼ cup Italian bread crumbs
- 1 egg
- ¼ cup shredded Parmesan
- A pinch crushed red pepper flakes
- 3 cloves garlic, finely chopped
- 1 tbsp olive oil
- 1 tbsp fresh chopped parsley
- 1 cup shredded Italian cheese blend
- 1 28 oz. can crushed tomatoes
INSTRUCTIONS- Prepare peppers by slicing off a little of the top and bottom of each pepper. Do not discard these. Cut out ribs and seeds. Slice into 3 thick rings and place on a sheet pan lined with parchment for easy clean up. Dice up remaining parts of peppers to use in meat mixture.
- Prepare meatloaf mix: Mix ground beef with seasoning, bread crumbs, egg, Parmesan, red pepper flakes, garlic, and remaining diced peppers until combined.
- Stuff each pepper with meat mixture leaving a dome of the mixture on top of each pepper.
- Heat olive oil in a large oven-safe pot over medium-high heat. (If you do not have an oven-safe pot, you will just transfer them into a casserole dish to bake later).
- Brown each stuffed pepper ring for about 4 to 5 minutes on each side. You may need to do this in 2 batches depending on the size of your pot.
- Once, browned on each side, pour crushed tomatoes over the stuffed pepper rings. (Transfer to casserole dish before topping with crushed tomatoes if you do not have an oven-safe pot.
- Bake at 350 degrees for 35 to 45 minutes. Top with cheese and bake for 5 more minutes. Top with fresh parsley and serve.
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