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!
Parmesan Garlic Noodles
Parmesan Garlic Noodles
Today I have an easy side dish that I’ve wanted to recreate for quite some time…Parmesan Garlic Noodles.
In the meantime I have carb boy who can literally live on bagels, bread, pizza and noodles for the rest of his life. Since I’ve been serving more potatoes and rice side dishes since going unprocessed, I thought I’d give him a special treat the other night and make these parmesan garlic noodles.
You want to talk about easy! This side dish is ready in under 15 minutes.
I used angel hair pasta which only takes 4 minutes to cook, and yes it is white. I searched high and low for whole wheat angel hair and couldn’t find it.
You start by making the sauce which has 6 cloves of garlic in it! I told you it was garlicky and add chicken stock, half and half (or whole milk) and parmesan cheese.
These parmesan garlic noodles are the ULTIMATE comfort food! I served these noodles with my Baked Garlic Chicken and the marriage was fabulous! Both dishes had ample amounts of fresh, wonderful garlic permeating through them!
Feel free to substitute the angel hair pasta with your favorite pasta. Whole wheat shells are a great choice because the creamy garlic cheese sauce gets all inside the shells!
PARMESAN GARLIC NOODLES
INGREDIENTS
- 3 teaspoons olive oil
- 5-6 cloves fresh garlic, minced
- 3 Tablespoons butter
- 3 cups chicken stock
- 1/2 box angel hair pasta
- 1 cup freshly grated Parmesan cheese
- 3/4 cup half and half (or whole milk)
- 1/2 teaspoon salt
- 1/4 teaspoon pepper
- 1-2 Tablespoons fresh parsley, chopped fine
INSTRUCTIONS
- In a large saucepan, heat the olive oil and butter over medium heat. Add the garlic and stir for 1 minute. Season with some salt and pepper.
- Add the chicken stock.
- Turn the heat up to high and let it come to a boil.
- Add the pasta and cook according to directions.
- Take the saucepan off the heat and add the parmesan cheese and stir until completely melted.
- Add the half and half (or milk) and parsley.
- Add more cream or milk if necessary.
- Serve immediately
Recipe Source: HappilyUnprocessed.com
I used all organic ingredients when making this recipe, and hope you do too!
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