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!
CHEESEBURGER MEATLOAF
THIS CHEESEBURGER MEATLOAF RECIPE IS INDIVIDUAL MEATLOAVES FILLED WITH BACON AND CHEDDAR CHEESE THAT ARE BAKED TO PERFECTION. COMFORT FOOD AT ITS FINEST!
Can you ever go wrong with a classic like meatloaf? My mom actually never made meatloaf, I didn’t even try it until I was adult! My husband was actually the one who introduced me to meatloaf, and I’ve been experimenting with different flavor combinations ever since. This cheeseburger meatloaf is a twist on the classic recipe with the addition of bacon and cheddar cheese for a savory delight that’s probably better than what your mom used to make. I made mini meatloaves to up the fun factor which my kids appreciated, but you could make one larger meatloaf if you prefer.
So let’s talk ingredients. We’ve got ground beef (I use 90% lean), cooked bacon, sauteed onions, cubed cheddar cheese, breadcrumbs and seasonings. The ingredients are all mixed together and formed into individual sized meatloaves. The meatloaves are covered in ketchup, then take a trip through the oven. This cheeseburger meatloaf is just packed full of flavor, I prefer it to a traditional meatloaf recipe and so does my family.
I add a sprinkling of parsley at the end for a little more flavor and color, but that’s a totally optional step if you don’t have any parsley in the house. The meat mixture can be made a day before you plan to bake it. Sometimes I’ll put the ingredients together in the morning and store the formed meatloaves in the fridge; that way, all I have to do is pop them in the oven later in the day. It’s super convenient for busy days when you want a hot fresh meal on the table without a ton of fuss.
This recipe is total comfort food, perfect for chilly days that will (hopefully!) be heading our way soon!
This cheeseburger meatloaf recipe is individual meatloaves filled with bacon and cheddar cheese that are baked to perfection. Comfort food at its finest!
Ingredients
- 1 1/4 lbs ground beef I use 90% lean
- cooking spray
- 2 teaspoons olive oil
- 1/2 cup onion finely diced
- 1/2 cup cooked and crumbled bacon
- 1/4 cup panko breadcrumbs
- 1 tablespoon yellow mustard
- 1 tablespoon worcestershire sauce
- 3/4 teaspoon salt
- 1/2 teaspoon pepper
- 1 egg
- 1/2 cup cheddar cheese cut into small cubes
- 1/4 cup ketchup
- 1 tablespoon chopped parsley optional
Instructions
- Preheat the oven to 350 degrees. Line a sheet pan with foil and coat with cooking spray.
- Heat the olive oil in a small pan over medium heat. Add the onion and cook for 4-5 minutes or until golden brown. Remove from the heat and stir in the mustard and worcestershire sauce.
- In a large bowl, combine the onion mixture, beef, bacon, panko breadcrumbs, salt, pepper, egg, 2 tablespoons of water and cheddar cheese.
- Mix together until well blended.
- Form 4 individual meatloaves and place on prepared sheet pan. Spread 1 tablespoon of ketchup over each meatloaf.
- Bake for 20-25 minutes or until cooked through. Sprinkle with parsley if desired, then serve.
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