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!
Tortellini Al Forno
Al Forno = Food that’s baked in the oven. (Seriously. That’s all it means.)
The funny thing is that this particular tortellini recipe has evolved over time to where it’s often times not even baked in the oven anymore. (Kinda funny huh?)
I’ve actually tried baking this in the oven at the end and all that it does is cook the pasta too far past the Al Dente point. And it just adds an extra step, really. Not necessary folks, not necessary.
Oh, and I can’t forget to at least mention this Olive Garden Stuffed Chicken Marsala recipe. I don’t even need to add the word “copycat” to that one because I got it right from the Olive Garden website, and you’ll know it when you taste it. It’s totally, 100%, no questions asked, their exact recipe.
This Tortellini Al Forno is loaded with stuffed tortellini tossed in a rich and creamy garlic cheese sauce and topped with crumbled bacon.
Ingredients
- US CUSTOMARY - METRIC
- 20 oz. refrigerated Tortellini, (I like “Giovanni Rana” brand, and I prefer cheese stuffed!)
- 6 slices bacon, uncooked
- 2 teaspoons garlic, minced
- 2 Tablespoons all-purpose flour
- 1 pint half and half, (equivalent to 2 cups), you can sub whole milk.
- Salt/pepper, to taste
- ½ teaspoon dried Italian seasoning
- ¼ cup Parmesan, shredded
- ¼ Asiago cheese, shredded (can also use more Parmesan instead)
- ½ cup mozzarella cheese, shredded
- ¾ cup spinach, finely shredded (optional)
Instructions
- Use kitchen shears to cut the bacon into 2-3 inch pieces so that they equally cover the pan and cook evenly.
- In a large skillet, (preferably cast iron), cook the bacon slowly on low heat. *Low and slow is best for bacon*.
- Once the bacon is nearly cooked and crisp on each side, cook the tortellini in a large pot according to package instructions. Set aside.
- Remove the cooked bacon from the pan, set aside to cool, and leave 2 Tablespoons of bacon grease in the pan. Keep the heat on low and add the garlic to the pan, cooking for about one minute.
- Increase the heat to medium. Gradually whisk in the flour, stirring constantly, until all flour is incorporated and the grease has thickened.
- Gradually add the half and half (keep stirring). Bring the mixture to a boil and add the salt/pepper and Italian seasoning. Reduce the heat back to low and stir for about 2 more minutes.
- Add the Parmesan, Asiago, and mozzarella cheeses. Stir until well incorporated and thick. Toss in the spinach and the Tortellini and use a rubber spatula to carefully incorporate it into the sauce.
- Once the spinach has wilted (about 1 minute), turn off the heat. Crumble the cooled bacon into smaller pieces and sprinkle over the Tortellini. Serve and enjoy!
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