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!
SAUSAGE, EGG, AND CHEESE BREAKFAST TOTS
These Sausage Egg and Cheese Breakfast Tots are an amazing brunch recipe that fills tater tots with sausage, cream cheese, and scrambled eggs!
I think the sausage is what makes these little bites so awesome. You cook the sausage, drain the grease, and then add some cream cheese and continue to cook until it is all melted together with the sausage. That makes the sausage extra creamy and delicious. When it comes time to stuff the tater tot cups you add a little bit of egg and then a little sausage cream cheese mixture on top and put them back in the over to bake until the tater tots get crispy. Just a couple of minutes before you take them out of the oven add a sprinkle of cheddar cheese over the top, because really, you can never have too much cheese.
When they come out of the oven give them a minute or two to cool down and then pull them out and pop one in your mouth. It’s everything you love about breakfast, hash browns, sausage, egg, and cheese, all wrapped up in one bite of stuffed tater tot deliciousness!
These sausage egg and cheese breakfast tots are an easy brunch recipe filled with everything you love about breakfast!
Ingredients
- 48 Tater Tots , frozen
- 6 Eggs , large
- 8 oz Ground sausage
- 4 oz Cream cheese
- 4 oz Cheddar cheese , shredded
Instructions
- Preheat oven to 425°F.
- Brown sausage in a skillet over medium high heat. Once meat has browned drain the grease then add sausage and cream cheese back to the skillet and cook until fully combined. Set aside.
- In a skillet scramble the eggs and set aside.
- Grease a mini muffin pan and place three tater tots in each cup. Bake for 10 minutes.
- After 10 minutes remove the muffin pan from the oven and use a tamper to press the tater tots down into each cup. This will create a tater tot cup.
- Fill the tater tots with a small spoonful of eggs (about 1 teaspoon) and then place 1 teaspoon of sausage on top of the eggs.
- Place the tater tots back in the oven and cook for another 15 minutes.
- Remove the breakfast tots from the oven and sprinkle with a little cheddar cheese then return to the oven for another 2-3 minutes or until cheese has melted.
- Remove breakfast tots from the oven and let cool for 5 minutes before removing them from the muffin pan.
- Enjoy!
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