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!
Loaded baked potato casserole is truly delicious comfort food. Made with real cheese, real potatoes and real bacon, it’s the ultimate family favorite side dish.
There is a beautiful area in northern Utah filled with farms, real cowboys and amazing mountain scenery. That’s the inspiration for Cache Valley® Creamery, famous for making fresh dairy products since 1937! Today their products are sold in stores in Utah and surrounding states. I am happy to be partnering with Cache Valley Creamery for this blog post.
If you run into me at the grocery store, chances are I will have a big block of Cache Valley Creamery cheddar cheese in my shopping cart. My family eats this cheese pretty much every day sliced and in recipes like my Loaded Baked Potato Casserole.
Loaded Baked Potato Casserole is one of my favorite dishes. I use lots of real Cache Valley Creamery Cheddar Cheese, real potatoes and real bacon, so it can easily be the main meal or served as a hearty side dish. Either way, everyone loves to eat it.
Loaded Baked Potato Casserole
Loaded baked potato casserole is comfort food at its finest. Made with real cheese, real potatoes and real bacon, it's the ultimate family favorite side dish.
CourseMain Dish, Side Dish
Servings
Prep Time
12servings
25minutes
Cook Time
55minutes
Ingredients
4lbsRed Potatoes, cut into quarters
1/4cupButter (Softened)
1/4cupMilk
1/2cupSour Cream
1tspBetter Than Buillon Chicken Base
1tspSalt
1/2tspPepper
1/2tspGarlic Salt
1/2tspGarlic Powder
2cupsCache Valley Creamery Cheddar Cheese, Freshly grated (Divided)
15slicesBacon, cooked and crumbled (Divided)
3Green Onions, chopped
Servings: servings
Instructions
Boil potatoes in a large pot of water for about 25 minutes or until tender. Drain well and return potatoes to the pot. Mash the potatoes with a potato masher.
Preheat oven to 350 degrees F. Spray a 13x9 inch baking dish with nonstick cooking spray and set aside.
Add sour cream, butter, milk, salt, pepper, bouillon chicken base, garlic salt and garlic powder to the mashed potatoes. Mix well with a mixer or large spoon.
Stir in 1 cup of freshly grated Cheddar Cheese and 2/3 of the crumbled bacon.
Place the potato casserole mixture in an even layer in the prepared baking dish. Bake in oven for 25 minutes.
Remove from oven and evenly sprinkle the top of the casserole with a cup of grated Cheddar Cheese and the remaining crumbled bacon. Return casserole to oven and bake for 5 more minutes, until cheese is melted.
Remove the casserole from the oven. Scatter green onions on top of the casserole and serve.
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