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!
GARLIC ROASTED POTATOES WITH PANCETTA AND ROSEMARY
Roasted potatoes with garlic and salty Pancetta ham! Make sure these potatoes are on your Thanksgiving table this year.
I’m trying to hold on to the last rays of summer, but things are changing. Quinn went back to school today and Miranda will enter third grade next week (checks in the mirror for new aging lines) We had a busy summer with trips to Hawaii,
Canada, Alaska, and Utah. I even managed to accomplish some things I never thought I’d do, like fly in a seaplane and go river rafting- I suck at swimming so this one made me nervous even though I was wearing a life jacket and the water was only about three feet deep.
But no matter how much I try to delay fall, even with 90-degree temps in Southern California I can’t hide the lurking pumpkin feeling that grabs every blogger around this time of the year. Already we’re seeing
pumpkin cheesecakes,
coffee cakes and
apple recipes creeping out of the fall woodwork.
My true marker for fall though is when Starbucks start to promote their Pumpkin Spice Latte! From then it’s a slippery slope to peppermint land and Santa Claus.
Everybody needs a potato dish for those chilly fall nights and this one is really simple with oodles of flavor. Usually, I’d just use a regular white potato, like these
garlic Parmesan au gratin, but these tri-colored ones caught my eye…they’re just way cooler looking.
ROASTED POTATOES WILL GIVE YOU THAT NICE CRUNCHY EDGE WITH A SOFTER CENTER.
And that alone is worth the high oven heat on a 90-degree day, but throw in some smokey pancetta chunks, fresh garlic, and rosemary and you’ll be snacking on these even before they can be served. I also added a tablespoon of orange zest but the flavor wasn’t as strong as I’d have like it. I’ve increased the amount in the recipe because the orange is one of those flavors which creeps up on you and makes people do the whole raised eyebrow thing when you tell them there’s orange in the recipe! Garlic and rosemary are potato besties, but orange zest is the recipe curveball.
GARLIC ROASTED POTATOES WITH PANCETTA
Yummy roasted potatoes with garlic and rosemary
- 2 pounds baby trii-colored potatoes mixed colors
- 1/4 cup olive oil
- 4 ounces pancetta
- 2 clove large garlic minced
- 1 1/2 tbsp fresh chopped rosemary
- Zest of two small oranges
- Salt and pepper
Preheat the oven to 375 degrees. Line a baking pan with parchment paper.
Wash the potatoes but leave the skins on.
Roughly chop the Pancetta into small pieces.
Cut the potatoes into cubes about 1 1/2 inches. Transfer to a large bowl.
Add the olive oil, garlic, rosemary, zest, pancetta, salt and pepper.
Toss with your hands until all of the potatoes have been coated with the rest of the ingredients.
Lay them out on the baking sheet making sure they are all the same level.
Place them in the oven and bake for 40 minutes
After 40 minutes, loosely move the potatoes around on the pan to ensure even cooking.
Increase the oven to 425 degrees F and bake the potatoes for another 10 minutes.
Nutrition Facts
Garlic Roasted Potatoes with Pancetta
Amount Per Serving
Calories 225
* Percent Daily Values are based on a 2000 calorie diet.
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