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!
Egg Muffins with Turkey Sausage and Peppers
Egg Muffins with Turkey Sausage and Peppers
I’ve been making these egg muffins with turkey sausage and peppers as a quick grab and go breakfast, and they are so easy and tasty.
Mornings can be nuts. Especially when you have a newborn like I do. Our mornings can often begin at four a.m. And sweet Mallory can somehow keep me pretty busy feeding changing and snuggling her.
By the time her big brother wakes up, things kick into high gear…especially on the mornings that big brother goes to preschool. Getting everybody fed, dressed, lunch packed, etc. can be pretty hectic.
That’s why make-ahead breakfasts like these can be a lifesaver. We really need grab-and go options on days like these. I love that these are “real food” friendly and delicious!
Ingredients
- 12 eggs
- 1 Tablespoon water
- 3/4 cup diced bell peppers
- 1/3 cup diced onions
- 2 ounces cooked turkey sausage crumbles
- cooking spray
- teaspoon salt and pepper to taste I used 1/2 salt & 1/4 teaspoon pepper
Instructions
- Preheat oven to 350 degrees.
- Scramble the eggs, water and salt and pepper, and set aside
- Cook the peppers and onions in a medium skillet in some cooking spray over medium-low heat until tender, about 5 minutes.
- Remove from heat, and stir in the pre-cooked turkey sausage crumbles.
- Spoon the mixture into the baking cups.
- Pour the eggs into each cup.
- Egg Muffins with Turkey Sausage and Peppers| APinchOfHealthy.com
- Bake at 350 until eggs are firm, about 25 minutes.
- Remove from oven, and you can eat immediately or cool, remove from the baking cups and transfer to storage container to eat later. (I microwave leftovers for about 30 seconds to reheat)
Recipe Notes
Nutritional information is approximate and was calculated using a recipe nutrition label generator. Each serving is approximately 2 SmartPoints on Weight Watchers.
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