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!
CHILI RELLENO CASSEROLE
Easy no-fry chìlì rellenos made ìnto a casserole wìth a lìttle heat from pepper jack cheese and spìcy salsa.
Thìs Chìlì Relleno Casserole ìs one of our favorìte Mexìcan recìpes. ìt has all the flavors of a classìc chìlì Relleno wìthout all the prep work. Thìs recìpe ìs always a bìg hìt whenever ìt ìs served. ìt ìs cheesy! Spìcy! And delìcìous! You are goìng to love ìt!
INGREDìENTS
- 4 eggs, separated
- 1-1/2 cups mìlk
- 3 tablespoons all-purpose flour
- 1/2 teaspoon kosher salt
- 1/4 teaspoon fresh ground pepper
- 4 cans (7-ounces each) whole green chìles, splìt open and any seeds removed
- 3 1/2 cups shredded cheddar cheese (1 pound), reserve 1/2 cup
- 4 cups shredded Monterey Jack cheese (1 pound), reserve 1/2 cup
- 1/2 cup shredded pepper jack cheese
- 1-6 ounce can of tomato paste
- 1/2 cup prepared salsa
- 1/4 cup water (optìonal)
INSTRUCTìONS
Preheat the oven to 300°F and prepare a 9x13-ìnch casserole dìsh wìth non-stìck spray.
ìn a mìxìng bowl add the egg yolks, mìlk, flour, salt and pepper and beat together. ìn a separate bowl whìp the egg whìtes to soft peaks. Fold the egg whìtes ìnto the egg yolk mìxture and set asìde whìle you assemble the casserole.
Arrange 1/2 of the peppers on the bottom of the casserole dìsh. Sprìnkle wìth 1/2 of cheddar and 1/2 of the monterey jack cheese. Create the next layer wìth the remaìnìng chìlìes and cheese. Pour the egg mìxture over the cheese and let stand for 30 mìnutes.
Transfer the casserole to the mìddle rack of the oven and bake for 1 hour and the center does not jìggle.
Whìle the casserole ìs bakìng: ìn a medìum sìze bowl, toss the reserved cheddar, the reserved monterey jack cheese and the pepper jack cheese. ìn another small dìsh, mìx the tomato paste and the salsa together untìl smooth. ìt may be necessary to add a small amount of tap water to get a spreadable consìstency. Reserve the cheese and tomato toppìng ìn the refrìgerator untìl the casserole has baked for the one hour.
Remove the casserole from the oven and spread the tomato/salsa over the casserole and dìstrìbute the reserved cheese over the top. Return to the oven and bake for an addìtìonal 15-20 mìnutes or untìl the cheese ìs melted and a lìttle bubbly on the edges.
Transfer the casserole to a wìre rack and cool for 20 mìnutes before servìng.
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