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!
FRENCH ONION STUFFED MEATBALLS
FRENCH ONION STUFFED MEATBALLS
French Onion Stuffed Meatballs are the ULTIMATE comfort food. Combining the best of so many worlds with super-flavorful caramelized onions, tender, juicy meatballs, and lots of gooey cheese – these are SO worth the work.
French Onion Stuffed Meatballs
Prep Time 30 mins
Cook Time 45 mins
Total Time 1 hr 15 mins
Cheesy stuffed meatballs baked and loaded with caramelized onions.
Author: Nicole Johnson
Ingredients
Caramelized Onions
- 4 teaspoons butter
- 1 large walla walla sweet onion thinly sliced
- 1/2 teaspoon thyme
- 1 teaspoon salt
- 1/4 cup water
- 1/2 teaspoon beef flavored Better Than Bouillon
- 1/4 cup Cabernet
Meatballs:
- 1 1/2 lbs lean ground beef
- 1 slice white bread soaked in milk
- 1/2 - 3/4 cup panko bread crumbs
- 1 teaspoon parsley
- 1/4 teaspoon pepper
- 1/2 teaspoon salt
- 1 egg
- 8 oz shredded mozzarella
- 4 oz provolone
- 1 tablespoon canola oil
- Fresh chopped parsley for garnish optional
Sauce:
- 2 cups water
- 1 packet beefy onion dry soup mix
- 1/2 teaspoon chicken Better Than Bouillon
- 1/4 cup cabernet
- 1/4 cup chardonnay
- 2 tablespoons cornstarch
- salt & pepper to taste
Instructions
- In a large nonstick pan over medium-low heat, saute onions and butter stirring occasionally until golden brown and caramelized.
- Add the thyme, salt, water, bouillon, and wine. Cook over medium heat until reduced by half. Let cool.
- Combine the milk soaked bread, 1/2 cup panko, parsley, pepper, salt, and egg in a bowl and mix together until everything is a happy gloopy mess. Mix in the ground beef with your hands until the gloopy mess is evenly distributed into the meat. If necessary to make the meat formable, mix in additional 1/4 cup of panko.
- Grab a small handful of the meat and flatten in your palm. Add some cheese and onions, and fold meat over and around it, sealing the edges as best as you can. This is a messy process. Repeat until all meat has been stuffed.
- In a large nonstick skillet, heat canola oil over medium high heat. Brown meatballs on all sides. Remove to an oven safe dish when browned. Don't worry about these cooking all the way through. They will finish cooking in the oven.
- Make sauce by combining all ingredients in a saucepan, and simmering for 10 minutes. Pour over meatballs, and top the meatballs with any extra onions, with the shredded mozzarella cheese, and any extra provolone you didn't use to stuff the meatballs.
- Bake at 350 for 30 minutes, Remove, top with fresh chopped parsley, and serve with mashed potatoes.
Recipe Notes
Recipe adapted from Cupcakes & Kale Chips.
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