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!
Tex-Mex Fresh Corn Dip
Roasted corn is the star of this creamy, cheesy Tex-Mex Fresh Corn Dip, laced with cumin, a touch of jalapeño, and fresh cilantro. Served chilled with tortilla chips, it’s a perfect appetizer or snack for any summer cookout or get-together!
And so that’s what I did. This Tex-Mex Fresh Corn Dip takes a few liberties unique to the original. And don’t get me wrong…there was nothing wrong with the original recipe. In fact, it was absolutely delicious. But finding myself with some extra roasted corn on the cob one day, I decided to make a version with fresh ingredients.
Oh. My. Word. It’s amazing how such simple ingredients can yield such amazing flavor. You can always use frozen (thawed) or canned corn, if that’s what you have on hand…but rest assured that cooking ears of fresh corn is a cinch when you use my favorite oven-roasting method. Besides, the sweet-crisp fresh corn plays perfectly off of the smoky cumin, warm jalapeño bits, and bright cilantro.
Ingredients
- 4 cups fresh roasted corn (from approximately 5 corn cobs)
- 1 cup sour cream
- 1/2 cup mayonnaise
- 8 ounces grated sharp cheddar cheese
- 2 to 3 fresh jalapeños (seeds and membranes removed), finely minced
- 1/2 cup chopped fresh cilantro (more or less, to taste)
- 1 tablespoon cumin
- 1 teaspoon garlic salt
- Freshly ground black pepper, to taste
Instructions
- In a large bowl, combine corn, sour cream, mayonnaise, cheese, jalapeños, cilantro, cumin, garlic salt, and black pepper. Stir until well mixed. Refrigerate for at least 4 hours (preferably 8 hours to overnight) to allow flavors to blend. Serve with tortilla chips or corn chip scoops.
Notes
You may use frozen (thawed) corn or canned corn (regular or Mexicorn) in place of the fresh roasted corn.
For a lighter variation, you may substitute Greek yogurt for up to half of the mayo/sour cream combo.
I prefer using freshly grated cheese, but your favorite bagged cheese will work fine.
My family did not find this dip to be spicy using two jalapeños with seeds and membranes removed. Feel free to increase the number of jalapeños for extra spice, or leave the seeds and membranes intact for some real heat. You may also use pickled jalepeños instead of fresh for a different type of flavor, if you wish.
The flavors in the dip will intensify and blend after it's been allowed to chill for awhile. It won't taste quite as good if you serve it right away.
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