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!

TACO RANCH BITES

Taco Ranch Bites – seriously delicious!! Only 6 ingredients! Ground beef, taco seasoning, diced tomatoes and green chiles, cheddar cheese, ranch dressing, and phyllo tart shells. Can make ahead and refrigerate or freeze for later. I always have a batch in the freezer for a quick snack! Great for tailgating and parties! I never come home with leftovers. Everyone LOVES these cheesy taco bites. #tailgating #taco #beef #ranch #appetizer #partyfood #freezermeal.

It is FINALLY college football season. This weekend all the big dogs are playing. It’s like Christmas at our house! I’m making lots of food for us to snack on while watching all the games. These Taco Ranch Bites are definitely on the menu! Taco Meat, ranch dressing, cheese, and diced tomatoes and green chiles baked in phyllo tarts. Seriously delicious! I ate WAY TOO many of these things when I created them. I can not wait to make this again this weekend!

INGREDIENTS:

  • 1 lb ground beef
  • 1 (1-oz) package taco seasoning
  • 1 (10-oz) can diced tomatoes and green chiles, undrained
  • 2 cup shredded cheddar cheese
  • 1 (8-oz) bottle Ranch dressing
  • 5 (15-count) frozen phyllo tart shells



INSTRUCTIONS:

  1. Preheat oven to 350ºF.
  2. In a skillet, cook ground beef until no longer pink. Drain fat.
  3. Add taco seasoning and diced tomatoes and green chiles. Stir and cook for 5 minutes. Remove from heat.
  4. Combine shredded cheddar cheese, Ranch dressing, and taco meat.
  5. Spoon taco meat mixture into frozen phyllo tart shells. You can freeze for later at this point.
  6. Bake for 8-10 minutes, until cheese melts.  (Add 2-3 minutes to the baking time if baking frozen tarts).


Recipe Adapted From TACO RANCH BITES

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