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!
COUNTRY SAUSAGE GRAVY (BISCUITS AND GRAVY)
Country Sausage Gravy made from scratch is delicious! The best biscuits and gravy are made from homemade flaky buttermilk biscuits and sausage gravy.
Sausage gravy makes every breakfast better. My husband and I love biscuits and gravy. You all know I’m a total food snob. Him? Not quite as much (but I’m grooming him daily). The one thing he is a total food snob about is sausage gravy. When we go out to breakfast, he’ll order a sample of the country gravy before committing to actually ordering biscuits and gravy. I’m sure you all have experienced country sausage gravy that sucks. Its either too thick or too thin or too starchy or the sausage is nasty. The best part? Homemade sausage gravy is easy to make!
The best biscuits and gravy require two things – sausage gravy and homemade buttermilk biscuits. Now, in the video of me making the recipe, you might notice that I used canned biscuits. For that, I apologize and I shall never live that one down. Canned biscuits should be reserved for Monkey Bread, and only Monkey Bread. Homemade sausage gravy deserves the flaky goodness of a homemade biscuit. There. Please forgive me.
Now, go enjoy the best damn biscuits with country sausage gravy you’ll ever have. Consider yourself warned though – they may be so good that you’ll no longer order them when dining out because all others will fail in comparison.
Country Sausage Gravy made from scratch is delicious! The best biscuits and gravy are made from homemade flaky buttermilk biscuits and sausage gravy.
Ingredients
- 1 pound sage pork breakfast sausage (I highly recommend you make your own)
- 3 tablespoons butter
- 1/4 cup all-purpose flour
- 3 cups milk
Instructions
- In a large skillet over medium high heat, cook the sausage until brown and crumbly. If excess oil, drain while keeping a solid tablespoon of the sausage oil in the pan. Add the butter and stir well melted.
- Sprinkle sausage with flour, stir, and allow to cook for several minutes.
- Add the milk and stir. Continue stirring occasionally over medium heat until gravy thickens, 5-10 minutes.
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