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 CORN DOG BITES
These cheesy corn dog bites are super delicious and a tasty treat that everyone will love. Each cheesy corn dog bite is super crispy and crunchy, and are the perfect size for even the littlest of corn dog lovers.
Are you a corn dog lover too? How about those yummy corn dogs from the happiest place on earth? If you know what I’m talking about, you can totally relate how delicious these little bites are going to be. If you’re not familiar with the corn dogs from Disneyland®, let me tell you how amazing those corn dogs are. So deliciously amazing! Fat, juicy and covered in the most delicious batter. We used to drive down to Disneyland® just to get the corn dogs when we had season passes, which we had for many years. They’re that good!
SO YUMMY!
I’ve been craving those corn dogs and decided I’d make my own. Well, these are somewhat like the corn dogs there, but in a bite size version with cheese added. The batter is what makes a delicious corn dog and this is the perfect batter.
Just look at these golden bites of deliciousness. Crispy, crunchy and perfect to just pop in your mouth.
These cheesy corn dog bites taste super good and are the perfect size for the little ones and a perfect snack to enjoy anytime. Super simple to make, super delicious to eat.
The batter for this recipe comes from Rachel over at The Stay At Home Chef. I was looking for a recipe that was exactly like the batter that the corn dogs from Disneyland® are made with and Rachel’s recipe seemed to be the best for what I was making. Thank you Rachel for having such a delicious batter recipe for my cheesy corn dog bites. Make sure to head on over to Rachel’s blog to see all of her delicious recipes.
Ingredients
- 1 cup corn meal
- 1 cup all-purpose flour
- 2 Tbs sugar
- 2 tsp baking powder
- ½ tsp Slap Ya Mama® seasoning
- ½ tsp salt
- 1 egg
- 1¼ cups buttermilk
- 2 Tbs vegetable oil
- 8 all beef hot dogs each cut into 3 pieces (I used Ball Park® Beef Franks)
- Cheddar cheese cut into 1/4" strips
- 2 + cups vegetable oil for frying
Instructions
- Heat about 2 cups of vegetable oil in a medium heavy bottom pan at 375°.
- For the Corn Dog Bites
- Cut each hot dog into 3 pieces, set aside.
- Cut a few slices of cheddar cheese and then slice each into about 1/4" thick and the length of each hot dog piece.
- Take a bigger size straw and poke it through the middle of each little hot dog to make a hole.
- Stuff a slice of cheddar cheese in each hot dog, the bigger the hole the better. Set aside.
- Once all pieces are stuffed with cheese, time to make the batter.
- For the Batter
- In a medium mixing bowl, whisk dry ingredients together.
- In a small bowl, mix egg, milk and oil together then add to dry ingredients. Stir until just moistened.
- Prior to dipping hot dogs into the batter, make sure to dry each one off with a paper towel.
- Next, dip each piece into the batter, covering it completely and then adding it immediately to the heated oil with a spoon.
- Cook until golden brown on all sides and then remove and place on a plate lined with paper towels. Fry about 6 at a time for even frying.
- ENJOY!
Recipe Notes
Recipe mostly adapted from The Stay At Home Chef
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