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!
BACON RANCH CHEESE BALL
Bacon, ranch flavor, green onions, cheddar cheese, and crunchy pecans come together in this amazing cheese ball! It is my absolute favorite and most popular cheeseball on the site and will be a hit wherever it goes!
I made this cheeseball the first year that I was blogging. It quickly became the most popular cheeseball on my site and is my absolute favorite. Needless to say, the picture was in need of a makeover. 🙂
December is full of holiday parties and get togethers. And in my opinion, cheeseballs are a must at any gathering! They are delicious and so simple to make. This cheeseball has so many amazing flavors combined. Ranch flavor, green onions, cheddar cheese, and crunchy pecans. And don’t forget the bacon. Bacon makes everything better and adds such great flavor!
The year that I made this, I was looking for a fun new neighbor gift idea. I decided to divide the cheeseball up and give them to my neighbors with some crackers. It was a huge hit. My dad loved it so much that he made me come and make some for his neighbors. Man, the perks of having your daughter be The Recipe Critic! 😉
I know that you will enjoy this recipe just as much as our families and neighbors did! You can’t ever go wring with such a delicious flavor combination! People will be asking you for the recipe and it is sure to be a huge hit!
This is definitely a five star cheeseball in my book!
Bacon, ranch flavor, green onions, cheddar cheese, and crunchy pecans come together in this amazing cheese ball! It is my absolute favorite and most popular cheeseball on the site and will be a hit wherever it goes!
INGREDIENTS
- 2 (8 oz each) packages cream cheese
- 1 (1 oz.) packet dry buttermilk ranch dressing mix
- ½ cup cheddar cheese, grated
- ¼ cup green onion, thinly sliced
- 6 pieces of bacon, fried and crumbled
- ¼ cup chopped black olives, optional
- 1 cup pecans or almonds, finely chopped for coating
INSTRUCTIONS
- Mix together the cream cheese and dry ranch packet. I put mine in the mixer and used the paddle attatchment. That made it so easy. Otherwise, mix in a bowl until smooth.
- Add the cheese, onions, olive if using and bacon. If you are short on time, buy the real bacon bits and add about a ½ cup.
- Shape into a ball. Roll it in the nuts to coat the outside. You can make one big ball or two smaller ones.
- Keep it stored in the refrigerator.
NOTES
The first time that I made this recipe I used almonds. But since I only had pecans on hand I used them. Feel free to use whichever you would like! I also forgot the sliced olives (again!) but that would be a yummy addition as well!
Recipe adapted from Awesome Recipes
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