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!
CREAMY MUSHROOM HERB PASTA
CREAMY MUSHROOM HERB PASTA
The other day I was updating my blog post for Mushroom Herb Gravy in anticipation of the Thanksgiving season, and while I sat there trying not to drink the gravy straight from the skillet, I thought, “Maybe I can turn this into a pasta sauce…” And so I did. With the addition of a little cream for body and some lusciously thick fettuccine to sop up the delicious sauce, this Creamy Mushroom Herb Pasta was born.
CREAMY MUSHROOM HERB PASTA
This rich and Creamy Mushroom Herb Pasta is a surprisingly fast and simple to way to have a gourmet meal at home.
Total Cost $4.54 recipe / $1.14 serving
Prep Time 5 minutes
Cook Time 25 minutes
Total Time 30 minutes
Servings
Author Beth M
INGREDIENTS
- 8 oz mushrooms $1.99
- 12 oz fettuccine $0.75
- 2 cloves garlic, minced $0.16
- 3 Tbsp butter $0.33
- 3 Tbsp all-purpose flour $0.03
- 1.5 cups vegetable broth $0.19
- 3 sprigs fresh thyme (or 1/4 tsp dried) $0.32
- 1 tsp rubbed sage $0.10
- 1/2 cup half and half $0.62
- Salt and pepper to taste $0.05
INSTRUCTIONS
- Wash the mushrooms to remove any dirt or debris, then thinly slice them.
- Begin cooking the fettuccine according to the package directions. Cook the pasta just until al dente, then drain in a colander. The pasta will continue to soften slightly once it's in the creamy mushroom herb sauce, so do not overcook it.
- While the pasta is cooking, add the butter and minced garlic to a large skillet. Sauté the garlic over medium heat for 1-2 minutes, or just until fragrant and tender. Do not let the butter or garlic turn brown.
- Add the sliced mushrooms and continue to cook until the mushrooms have turned dark brown and all of the moisture they release has evaporated (5-7 minutes). Turn the heat down slightly to medium-low, add the flour, and continue to sauté until the flour begins to coat the bottom of the skillet and turns golden brown (about 2-3 minutes).
- Whisk the vegetable broth into the skillet with the flour and mushrooms. Whisk until all the flour has dissolved off the bottom of the skillet. Add the thyme, sage, and some freshly cracked pepper. Turn the heat up to medium and allow the sauce to come to a simmer, at which point it will thicken.
- Stir the half and half into the sauce and allow it to return to a gentle simmer. Taste the sauce and adjust the salt or pepper as needed (the amount of salt needed will depend on the type of broth used. I added approximately 1/4 tsp).
- Add the drained pasta to the sauce in the skillet. Toss to coat and allow the pasta to heat through over medium-low heat. The pasta will absorb some of the liquid and flavors, and further thicken the sauce. Serve hot.
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