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 Pasta with Pancetta and Mushrooms
You can never go wrong with bacon and mushrooms! This creamy and delicious pasta with pancetta is our comfort food for sure.
I am so happy to be living in New Haven, CT! Two yummy reasons are – Whole Foods and Trader Joe’s! When we were in Michigan the nearest Trader Joe’s was 3 hours away – to the west in a Chicago suburb and to the east in a suburb of Detroit. That means when we visit either store, we tend to hoard as we don’t know when we will return. My hubby is such a huge fan of their salsas so we haul loads of them back home.
But now, instead of 3 hours – either Whole Foods or Trader Joe’s are minutes away from where we live. I am so enjoying this! Anyway, the other day we went to TJ’s and got myself some pancetta (Italian Bacon) and mushrooms which I intended to use for different recipes. However, as it would usually happen, there were change of plans on the menu and instead I opted to just use both in one recipe – a yummy pasta dish. As you can imagine – the marriage of Pancetta and mushrooms with cream and pasta as special guests (not to mention the presence of wine, too!) made such a wonderful dinner! Yes, it felt like we were having a dinner feast indeed! Enjoy this easy and tasty pasta dish!
Ingredients
- 1 (12 oz) package of Pasta of your choice*
- 1-2 Tablespoons Olive Oil
- 4 oz Pancetta, cubed*
- 3 Garlic cloves, minced
- 1 (8 oz) package Baby Bella mushrooms, chopped
- ¼ cup dry White (or Red) wine*
- 1 cup Heavy/Double Cream
- 1/4 – 1/3 cup grated Parmesan Cheese
- Freshly ground Black Pepper, to taste
- Salt, if needed
*I only had Spaghetti but Penne and other tube pasta would be great for this, too.
*You can replace this with regular bacon.
*You can replace the wine with chicken broth.
Procedure
- In a heavy-bottomed pot, bring to a boil lightly salted water. Add the pasta and cook until al dente. While cooking the pasta, begin the process of cooking the sauce.
- In a large skillet or sauté pan, heat the oil. Cook the pancetta until browned but not crispy. Add the garlic and sauté briefly.
- Add the mushrooms and cook until the mushrooms have released its liquid. Pour in the wine. Increase the heat and reduce the wine/liquid to about half.
- Lower the heat and stir in the cream. Cook until the cream is just heated then add the parmesan. Simmer until the sauce has thickened slightly. Season with some freshly ground Black Pepper, to taste. If you think it needs salt, add some, to taste.
- Drain the Pasta and mix with the sauce. Serve immediately with extra parmesan on the side. Garnish with some fresh parsley, if desired. Enjoy!
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