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!
MILLION DOLLAR SPAGHETTI
Million Dollar Spaghetti is like the happy marriage of my favorite Spaghetti pie, to a classic lasgna. The noodles are layered with a cheesy filling in the middle, then a yummy meat sauce and cheese on top. YUM!
TIPS FOR MAKING THIS A FREEZABLE MEAL:
Prepare recipe right up until the baking step. Cover well with greased aluminum foil and freeze. When ready to eat, thaw in the refrigerator for 1 to 2 days, then bake for about 20 minutes covered and then 15-20 minutes uncovered. If baking from frozen, bake covered for about 40 minutes, then uncover and bake 20-30 minutes longer, or until bubbly and warm.
CONSIDER SERVING THIS WITH:
- Fresh Fruit Salad
- Classic Wedge Salad
- Fresh Green Salad
- A big tray of raw veggies with Easy Vegetable Dip
- Homemade Olive Garden Breadsticks
Million Dollar Spaghetti is a DELICIOUS easy dinner idea! The noodles are layered with a cheesy center and topped with a yummy homemade meat sauce and cheese.
Course: Main Course
Cuisine: Italian
Keyword: baked spaghetti, spaghetti casserole
Unit: clove, cup, ounce, ounce jar, pound, small, Tablespoon
Calories: 373 kcal
Author: Lauren Allen
- 16 ounces spaghetti noodles
- 1/2 pound ground beef
- 1/2 pound ground Italian sausage
- salt and pepper , to taste
- 1 small onion , chopped
- 2 cloves garlic , minced
- 24 ounce jars marinara pasta sauce
- 3 Tablespoons butter
- 8 ounces cream cheese , softened
- 1/4 cup sour cream
- 1 cup cottage cheese
- 2 cups shredded mozzarella cheese
- 2/3 cup freshly grated parmesan cheese
- fresh parsley leaves for garnish, optional
Preheat the oven to 350 degrees F.
In a large skillet cook and crumble the ground beef and Italian sausage and season with salt and pepper. Remove most of the grease.
Add onions and garlic and cook for a few minutes until onion is translucent.
Add all but 1/2 cup of the marinara sauce (reserve 1/2 cup for the noodles) to the mixture and stir to combine. Set aside.
Cook Spaghetti according to package instructions, just until “al dente”.
Place hot spaghetti in a large mixing bowl with butter and 1/2 cup marinara sauce and toss to combine. Pour HALF of the pasta into a 9x13’’ pan.
Combine cream cheese, sour cream and cottage cheese in a bowl and mix well. Smooth over noodles in the pan.
Top with remaining noodles. Add meat mixture on top and smooth into an even layer. Top with mozzarella cheese and parmesan cheese.
Bake for 30-35 minutes or until hot and bubbly. Check it around 20 minutes and if the cheese is browning too quickly, place a piece of tinfoil over it.
Wait about 10-15 minutes before cutting and serving. Enjoy!
