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!
Baked Four Cheese Garlic Spaghetti Squash
Baked Four Cheese Garlic Spaghetti Squash
INGREDIENTS LIST FOR THE FOUR CHEESE GARLIC SPAGHETTI SQUASH
- 1 large spaghetti squash
- 5 garlic cloves, minced
- 1/2 cup water
- 1 chicken bouillon cube, crumbled (a good alternative to salt that gives a fuller body to the filling)
- 1 cup heavy cream
- 1 cup of Four-Cheese Italian White Cheese Blend (Mozzarella, White Cheddar, Provolone, Asiago)
- Fresh thyme
- Fresh ground pepper (buy whole peppercorns, the flavor is 300% better when you crack them straight from the pepper mill at the last minute)
- Parsley or chives or green onions, finely chopped
DIRECTIONS
BACK TO INGREDIENTS
- Preheat your oven to 400°F(200°C). Grab your spaghetti squash firmly and chop off the tip and tail. Cut in half length-wise and scoop out the innards and seeds. Place both halves on a baking sheet, maintained by a small foil ring to ensure stability. Sprinkle fresh cracked pepper over each half.
- In a large bowl, combine minced garlic, heavy cream with 1/2 cup water, crumbled bouillon cube, chives, and fresh thyme. Mix well.
- Sprinkle a first layer of grated cheese in the cavities of each squash halves. Divide the cream mixture on top of cheese in each halves, then top with additional cheese.
- Roast in the oven for 40 to 50 minutes, or until the flesh of the spaghetti squash is very tender when poked with a fork. Remove from oven and serve immediately.
Note: You can cut baking time by half if you’re in a hurry. Put raw spaghetti squash halves face down in a shallow dish with a bit of water. Then microwave for 8 minutes (less or more, depending on the size of the squash). The flesh will be almost cooked through. Proceed with the remaining steps and bake for only 20-25 minutes in the oven.
TIPS
- Making spaghetti squash can be intimidating when you are not familiar. Here are few tips to help you and your family enjoy a tasty, fun food that is packed with lots of healthy ingredients:
- As the skin can be fairly hard, you can soften it and cut the squash easily by poking 10-15 holes all over the squash with a fork, then microwave for 2 minutes. Cut the squash open being very careful of the heat inside to avoid burns!
- Generally, you will know that the squash is done because the shell will be soft to the touch.
- The way the squash grows is concentric, so you’ll get longer strands that come out great every time by scraping side to side as opposed to scraping lengthwise.
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