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!
Crab Rangoon Egg Rolls
Crab Rangoon Egg Rolls
I love appetizer type foods. I think they are my absolute favorite food group. Egg rolls are so versatile and easy to stuff and fry or bake up. Thanks to ready made egg roll skins making all kinds of great fried treats is a cinch. Once you get the hang of rolling these beauties there is no limit to what you can do with them. Have you tried my Reuben Egg Rolls, Pepper Jack & Chicken Egg Rolls or my Buffalo Chicken Egg Rolls? Crab Rangoon Egg Rolls are stuffed with crab, cream cheese, green onions and the perfect blend of spices mimicking the classic crab rangoons with an extra large helping of the best part.
I heat the oil in a heavy stock pot on the stove using a thermometer but a deep fryer would come in handy if you are preparing these for a holiday party or football game day fun. These are great choice as they are a party favorite and even the kids enjoy them. I do like to put real flaked cooked white crab in them albeit you don’t need a lot of crab meat to make them delicious. If that is not available to you or a little out of budget you can use imitation crab meat.
Ingredients
- 2 (8 ounce) boxes cream cheese
- 1-2 tablespoons Worcestershire sauce
- 1 teaspoon garlic powder
- 1/2 teaspoon onion powder
- 3 green onions chopped
- 1/2 lb fresh white cooked crabmeat flaked or diced
- 8-10 egg roll wrappers
- Vegetable oil for frying
Instructions
- In food processor pulse cream cheese Worcestershire sauce, garlic powder, onion powder and green onions several times until mixed. Stir in crab meat.
- Lay one egg roll wrapper out with a corner pointing towards you. Place about three rounded tablespoons in the center of each wrapper making a short horizontal lump . Bring the corner that is closest to you up and over and gently tuck it in. Fold in the sides and roll the wrapper tightly. Use a small amount of water to secure the tip of the wrapper. (If you don't know how to roll an egg roll it usually shows on the package with pictures).
- Heat oil in heavy stockpot or saucepan to 365 degrees. Fry them 2-3 at a time (depending on the size of your pan) for 1-2 minutes or until lightly browned. Allow the heat to charge back up in between batches. Place on paper towels to drain. Serve warm.
- Notes
- I have had a few readers contact me and tell that they think 2 tablespoons of Worcestershire Sauce is too much. We really like it and so do our friends however please add 1 teaspoon at at time so you can stop the processor and taste.
- I used king crab.
- I have also had several readers contact me about the cost of crab so I am lowering the amount to 1/2 lb. This may lessen the amount of egg rolls by 1-2 but if you chop the crab finally you get some in every bite.
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