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!
TUSCAN WHITE BEAN PASTA
TUSCAN WHITE BEAN PASTA
This Tuscan White Bean Pasta is a fast and flavorful dish that is perfect for weeknight dinners. The caramelized garlic, basil, and Parmesan pack a huge flavor punch!
TUSCAN WHITE BEAN PASTA
Total Cost $6.45 recipe / $1.61 serving
Prep Time 10 minutes
Cook Time 20 minutes
Total Time 30 minutes
Servings
INGREDIENTS
- 8 oz linguine or fettuccine $0.63
- 1 Tbsp olive oil $0.13
- 1 Tbsp butter $0.13
- 3 cloves garlic, minced $0.24
- 1 pint grape or cherry tomatoes $1.99
- 10 cranks freshly ground pepper $0.03
- 1/2 tsp salt $0.02
- 1/2 tsp dried basil $0.05
- 1 15 oz. can cannellini beans $0.69
- 4 oz baby spinach $0.65
- 3 oz shredded parmesan $1.89
INSTRUCTIONS
- Fill a large pot with water and place over high heat to bring it to a boil. Once boiling, add the pasta and cook according to the package directions (boil for 7-10 minutes). Drain the pasta in a colander.
- While you’re waiting for the water to boil, mince the garlic. Heat the olive oil and butter in a large skillet over medium-low heat. Add the garlic and sauté for about a minute, or until it has softened and become very fragrant.
- Add the tomatoes, salt, pepper and basil. Sauté the tomatoes until the skins burst and the tomatoes begin to release their juices. It's important to not have the heat under the skillet too high here or the garlic may burn before the tomatoes break down. You want the garlic to brown and caramelize a bit, but not burn.
- Once the tomatoes begin to break down, add the spinach and stir it into the tomatoes until it is about half way wilted.
- Rinse and drain the can of cannellini beans. Add the beans to the skillet and stir until they are heated through. The tomato juices will have created a thick sauce-like mixture on the bottom of the skillet at this point. Taste the mixture and add a bit more salt if needed. It should be slightly on the salty side in order to properly flavor the pasta.
- Add the cooked and drained pasta to the skillet. Toss until the pasta is coated in the sticky sauce and everything is combined. Top with shredded parmesan, plus add a bit of Parmesan to the top of each bowl.
- full recipe: https://www.budgetbytes.com/tuscan-white-bean-pasta
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