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!
Crispy Cheese and Bacon Potatoes
Crispy roasted potatoes, topped with melting cheese and plenty of crisp bacon are a great side dish for any meal. I’ve served these Crispy Cheese and Bacon Potatoes with eggs for breakfast and with herb roasted chicken for dinner. There is never a bite leftover.
The secret to these potatoes is an extra long roasting time and a good drizzling of bacon grease. The smoky bacon flavor is in every bite and the extra minutes in the oven leave the edges of each potato nice and crisp with a fluffy center. The recipe is really quite simple, despite the extra time in the oven. Luckily, there is very little actual work involved, making this my kind of recipe!
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Crispy roasted potatoes, topped with melting cheese and plenty of crisp bacon are a great side dish for any meal.
Ingredients
- 1/2 pound bacon
- 3 extra large russet potatoes peeled and chopped into 1/2"-3/4" pieces, about 6 cups worth
- 1 teaspoon kosher salt
- 3/4 teaspoon freshly ground black pepper
- 1 1/2 cups shredded cheddar or Mexican blend shredded cheeses
- 3 green onions sliced thin
Instructions
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- COOK THE BACON: Spread the bacon strips out across a large rimmed baking sheet pan and place on the middle rack of a COLD oven. Set the temperature to 400 degrees. Set a timer for 16 minutes and check the bacon. Remove it from the oven when it is as crisp or crunchy as you like. I remove ours at 18 minutes and it's a great balance of chewy crunch. If you like your bacon crispy enough to crumble, you will probably want to cook it another minute past that.
- COOK THE POTATOES: While the bacon is cooking, peel and chop the potatoes. Transfer the bacon to a paper towel lined plate to drain. There should be 2-3 tablespoons of bacon grease left on the sheet pan. (If there is more than that, drain off a bit.) Put the potatoes on the pan and toss with tongs to thoroughly coat them in the bacon grease. Sprinkle with salt and pepper. Spread the potatoes out in a single layer and bake for 20 minutes, stir well and bake an additional 20 minutes. Stir again, making sure that none of the potatoes are sticking to the tray. Bake another 15 minutes.
- Chop the bacon into small pieces. Remove the potatoes from the oven, stir again and sprinkle generously with shredded cheese and chopped bacon. Return the tray to the oven and bake an additional 2-3 minutes, until the cheese has melted. Top with sliced green onions just before serving. Enjoy!
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