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!
PHILLY CHEESE STEAK CASSEROLE
PHILLY CHEESE STEAK CASSEROLE
This Philly Cheese Steak Casserole is such an easy delicious dinner! Full of the Philly Cheese Steak flavor you love, but baked up in a delicious noodle casserole!
PHILLY CHEESE STEAK CASSEROLE: A DELICIOUS TWIST
Since I can’t have Chuck E. Cheese’s Philly Cheese Steak pizza every day, I made this Philly Cheese Steak Casserole! It’s got all the delicious flavor of the pizza but loaded into a casserole. This casserole could not be easier, and you start by cooking the noodles in beef stock so that adds a ton of flavor to it right off the bat. You throw some cream cheese in with the ground beef and melt some provolone on top and you get the most dreamy melty delicious casserole. Its the type of casserole that you want to put in a big bowl and curl up in your jammies on the couch and watch a movie. No? Just me?
Philly Cheese Steak Casserole
This Philly Cheese Steak Casserole is a delicious weeknight meal that your family will love!
Prep Time 20 minutes
Cook Time 20 minutes
Total Time 40 minutes
Servings 6 people
Ingredients
- 1/2 pound small shells
- 32 ounces beef stock + 32 ounces water
- 2 TBSPs butter
- 2 garlic cloves
- 1 pound hamburger meat
- 8 ounces cream cheese
- 1 green pepper diced
- 1/2 yellow onion diced
- 1/2 cup reserved cooking liquid from noodles
- 1 cup shredded mozzarella
- sliced provolone
Instructions
- Preheat your oven to 350 degrees.
- Combine the beef stock with 32 ounces of water and cook the shells in it according to package directions. Reserve 1/2 cup of the stock before draining the noodles.
- Melt the butter, cook the garlic clove for thirty seconds, then add the bell pepper and onion and cook until tender, about 5 minutes.
- Add in the ground beef, season with salt and pepper, and cook until cooked through. Stir in the cream cheese until melted.
- Stir in the reserved cooking liquid from the noodles, the noodles, and the shredded mozzarella. If your skillet is oven proof, top with sliced provolone.
- If your skillet is oven proof, top with sliced provolone and bake. Otherwise transfer to a 9 by 13 inch baking dish sprayed with cooking spray and top with provolone. Bake for 20 to 25 minutes or until the provolone is completely melted
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