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!
Easy Pull Apart Pizza Bread
Easy Pull Apart Pizza Bread
Aren’t we all looking for new ways to share amazing pizza? This delicious Pull Apart Pizza Bread Star you can easily make in 20 minutes with just 5 ingredients. And no pizza cutter needed because it’s a pull apart!
We love that this recipe is so versatile. You can make it for parties, holidays, date nights and even Valentine’s Day. The smell from the oven is incredible and it gets temptingly puffy! It’s fun to make with someone too!
We’ve served it at football parties and even the Super Bowl. Guests were vying for position to get a pull-apart with lots of melted cheese and some marinara sauce for dipping. People loved it so much, we ended up making a second
Keep in mind this is a good vegetarian option, since there’s no meat. Don’t forget your friends will probably want to help making it. Use the leftover dough to make a few extra pizza bomb pull-aparts for the side…
Super Easy Pull Apart Pizza Bread Star
A braided pizza appetizer for a party
Prep Time 5 minutes
Cook Time 20 minutes
Total Time 25 minutes
Servings 12 servings
Calories 344 kcal
Author TipBuzz
Ingredients
- 3 packages refrigerated pizza dough
- 1 cup marinara sauce
- 2 cups shredded mozzarella
- 1 egg
- 2 tbsp water
- marinara sauce for dipping optional
Instructions
- Preheat oven to 400ºF. Set aside a baking sheet.
- Open a can of dough and place onto a piece of parchment paper. Make a circle outline in the dough using a 10-inch round cake pan or plate.
- Spread half of the marinara sauce over the dough circle. Add half of shredded Mozzarella. Place another dough on top. Repeat.
- Cover with the third can of dough. Put the cake pan/plate on top, and use a sharp knife to cut away excess dough.
- Place a small bowl upside down in the middle. Cut layered dough into 12 equal parts/petals, leaving the center intact.
- Grasp adjacent petals and twist twice in opposite directions. Repeat for remaining petals and lift parchment paper onto baking sheet.
- In a small bow, beat eggs with water. Brush the pizza star evenly with it. Bake 20 min until brown. Serve and enjoy!
Nutrition Facts
Super Easy Pull Apart Pizza Bread Star (with Video)
Amount Per Serving
Calories 344Calories from Fat 81
% Daily Value*
Total Fat 9g14%
Saturated Fat 3g15%
Polyunsaturated Fat 1g
Monounsaturated Fat 3g
Cholesterol 31mg10%
Sodium 1916mg80%
Potassium 164mg5%
Total Carbohydrates 55g18%
Dietary Fiber 2g8%
Sugars 8g
Protein 12g24%
Vitamin A5%
Vitamin C4%
Calcium14%
Iron17%
* Percent Daily Values are based on a 2000 calorie diet.
