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!
Cheesy Zucchini Tater Tots Recipe
With the end of summer comes an abundance of fresh zucchini. Try this Cheesy Zucchini Tater Tots Recipe and that zucchini will be gone in no time! Cheese, zucchini and potatoes fried up into homemade tater tots.
Ingredients
- Tots
- 1 Cup Peeled 1-2 potatoes, Shredded White Potato
- 2 Cups Shredded Zucchini 1-2 zucchini
- 1 Cup Shredded Cheddar Cheese
- 2 Large Eggs - lightly beaten
- Small Pinch Salt/Pepper
- 3 Tablespoons Flour
- 3 Tablespoons Panko Bread Crumbs
- 1 teaspoon Garlic Powder
- Breading
- 1/2 Cup Flour
- 1/2 Cup Panko Bread Crumbs
- Pinch Salt/Pepper
- 3/4 Cup Thrive® Algae Oil for frying
Instructions
- Tots
- Use a large stand up grater to shred the zucchini and potatoes. Transfer to a cutting board lined with paper towels, place more paper towels on top and press down firmly to absorb any moisture. Transfer to large bowl then add shredded cheese and eggs. Stir gently until evenly coated with egg.
- Mix salt, pepper, flour, panko and garlic powder. Gradually add dry ingredients to zucchini mixture while stirring.
- Mix breading ingredients in a shallow dish.
- Form zucchini mixture into tater tot shapes. (This recipe will make approximately 20 tots depending on size) Roll each tot in breading mixture until lightly coated. Transfer to cutting board or platter.
- In large cast iron skillet, heat oil over medium for 5 minutes. Drop a small piece of zucchini in oil, once it gets a good sizzle the oil is ready.
- Fry tots in two batches so the pan does not get over crowded. Fry and rotate tots in oil until all sides are golden brown. Transfer fried tots to a plate lined with paper towels.
- Serve topped with fresh parsley and lemon zest.
- To make the Cajun Dip; mix sour cream, Cajun spice, lemon zest, hot sauce and worcestershire sauce to desired flavor and consistency.
Recipe Notes
These tots reheat well. Just wrap in foil and bake at 400°F for about 10 minutes.
If you prefer oven baked tots instead of fried, place prepared tots on baking sheet sprayed with nonstick then bake at 400°F for 25 minutes. Flip half way through.
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