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!
CHEESY MEATBALL BITES
CHEESY MEATBALL BITES
CHEESY MEATBALL BITES MADE WITH CRESCENT DOUGH, MEATBALLS, MARINARA SAUCE AND LOTS OF CHEESE! EASY APPETIZER RECIPE PERFECT FOR PARTIES & GAME DAY.
These Cheesy Meatball Bites were an instant favorite not only because they were super easy to make, but because they involve meatballs. My family LOVES meatballs! It’s strange and awesome and more strange, but I go with it because they’re easy and they have protein. Only 4 ingredients and just over 20 minutes and these Cheesy Meatball Bites are ready!
CHEESY MEATBALL BITES
- 1 8-oz can Pillsbury Crescent rolls
- 1 cup shredded mozzarella cheese
- about 1/2 cup marinara sauce
- 12 meatballs (I used pre-made, frozen ones)
- Preheat oven to 375 degrees F. Spray a regular sized muffin pan with non-stick spray.
- Unroll crescent dough. Separate into 2 large sections along the perforated edge. Cut each of the 2 large sections into thirds, then divide those sections down the middle, so that you have 12 squares total. (See video- it’s much easier shown!)
- Press each square into one of the muffin cups, doing your best to smooth dough around the cup and a little up the sides.
- Spoon about 2 teaspoons of marinara sauce into the bottom of each cup. Follow with a small spoonful of mozzarella cheese. Place 1 meatball (they can be frozen still, no need to pre-thaw!) into the center of each cup. Spoon another 2 teaspoons of marinara sauce on top of the meatball, then finish with another sprinkling of mozzarella cheese.
- Bake for 15-17 minutes, until crescent dough is golden brown and cheese is bubbling. Remove from oven. Let cool a few minutes, then remove each meatball bite from the muffin pan. Serve with additional marinara sauce, if desired.
CHEESY MEATBALL BITES
Prep Time 10 minutes
Cook Time 15 minutes
Total Time 25 minutes
Servings 12
Author Butter With A Side of Bread
Ingredients
- 1 8- oz can Pillsbury Crescent rolls
- 1 cup shredded mozzarella cheese
- about 1/2 cup marinara sauce
- 12 meatballs I used pre-made, frozen ones
Instructions
- Preheat oven to 375 degrees F. Spray a regular sized muffin pan with non-stick spray.
- Unroll crescent dough. Separate into 2 large sections along the perforated edge. Cut each of the 2 large sections into thirds, then divide those sections down the middle, so that you have 12 squares total. (See video- it's much easier shown!)
- Press each square into one of the muffin cups, doing your best to press down into the cup and somewhat up the edges.
- Spoon about 2 teaspoons of marinara sauce into the bottom of each cup. Follow with a small spoonful of mozzarella cheese. Place 1 meatball (they can be frozen still, no need to pre-thaw!) into the center of each cup. Spoon another 2 teaspoons of marinara sauce on top of the meatball, then finish with another sprinkling of mozzarella cheese.
- Bake for 15-17 minutes, until crescent dough is golden brown and cheese is bubbling. Remove from oven. Let cool a few minutes, then remove each meatball bite from the muffin pan. Serve with additional marinara sauce, if desired.
