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!
EGGS BENEDICT BREAKFAST BAKE
Eggs Benedict Breakfast Bake turns a delicious but fussy classic into a stunning dish for a crowd.
This Eggs Benedict Breakfast Bake is a welcome and tasty addition to any breakfast buffet. And that’s the beauty of it. Traditional eggs benedict is not a dish easily made for a crowd. At least I’ve never tried it. I actually have never poached an egg before! It’s not because I don’t think I can… it’s because I have an issue with the texture of runny yolks. I feel like my food blogger card needs to be revoked for that or something. But try as I might, I just don’t enjoy poached eggs. So turning eggs benedict into a casserole solves that problem for me and creates a show-stopper dish for you!
Ingredients
- 6 English muffins see note at end
- 3 tbsp butter
- 12 oz fully cooked ham, cubed I used Bob Evans brand
- 4 green onions white and light green parts sliced
- 4 oz sharp cheddar cheese shredded
- 8 large eggs
- 1 cup whole milk
- 1/2 cup sour cream
- 2 tbsp yellow mustard
- 1 1/2 tsp salt
- pinch cayenne pepper
- 1/2 cup fresh chives chopped
- 3 large egg yolks
- 1 tbsp fresh lemon juice
- pinch salt
- 1 stick unsalted butter melted
Instructions
- The day before you plan to serve your bake, cut your English muffins into cubes. Spread on a baking sheet and broil in the oven for a few minutes to brown them lightly.
- Generously butter (2 tablespoons) a 9x13 casserole dish and spread the toasted English muffin cubes into the bottom of the dish.
- Heat a non-stick skillet over medium-high heat and melt the remaining tablespoon of butter in the skillet. Sauté the ham and green onions for about 8 minutes, stirring occasionally, until the ham is starting to brown.
- Layer the cooked ham and green onions on top of the English muffins.
- Top the ham layer evenly with the shredded cheddar cheese.
- Whisk together the eggs, milk, sour cream, mustard, salt and cayenne and evenly pour the mixture over the rest of the bake ingredients.
- Cover the dish with foil and refrigerate overnight.
- Remove the dish from the refrigerator about an hour before you plan to bake it the next day.
- Preheat the oven to 375 degrees.
- Bake the casserole for 30 minutes, covered with foil.
- Remove the foil and continue to bake for another 15 - 20 minutes, or until the dish is looking puffed and the top is browning.
- While the casserole is baking place the egg yolks, lemon juice and salt in a blender. Blend on high for a few seconds. Set the blender to low and through the hole in the middle of your blender lid, pour the melted butter in a slow steam into the egg yolk mixture. Cover the hole and blend the hollandaise on high speed for about 1 minute. Taste, add a little more lemon and salt if needed, and serve immediately with the breakfast bake.
- Top the Eggs Benedict breakfast bake with the hollandaise sauce and chopped fresh chives.
Recipe Notes
If you are lucky enough to have access to Blue Oven Bakery English muffins, simply split, toast and butter each half (use 2 tablespoons total). Then place the six halves evenly, buttered side up, in the buttered dish.
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