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 Taco Casserole
Cheesy Taco Casserole
You know what’s better than taco night? We’ll tell you. It’s taco night without all the hassle of assembling things individually. Crumbly taco shells? Nah, we’re good. Taco meat that gets cold before your third taco?? (Because obviously you have to have at least three, that’s just what happens.) Uh, no. We took all the components of our favorite night of the week, taco night, and put everything into hearty casserole form. You’re welcome!
The one change we made that most distinguishes these from typical tacos is our use of biscuit mix instead of tacos or tortillas. Had we used tortilla chips or actual taco shells, they would have grown soggy once all of our yummy bonus ingredients were piled on top. We found that biscuit dough was a delicious compromise, since it settles into the beef a bit, plus it’s sturdiness means you can pile whatever other toppings on top that you like! No need to reign it in here, go crazy and make this the taco casserole of your dreamings.
We stuck with a pretty classic breakdown of sour cream, lettuce, tomatoes, olives and cheese, and boy is that good. You could do the cheese, tomatoes and olive first, then top with lettuce and sour cream, that way you melt the cheese a bit, but we love the way it looks and tastes the way we did it and we’re sticking with that! With your seasoned beef, hearty biscuit, sour cream, lettuce, tomatoes, olives and cheese, you’ve got a perfect taco portioned out with every spoonful – what else could you want?? Nothing!
Taco Casserole
1 hour to prepare serves 8
INGREDIENTS
- 2 pounds ground beef
- 1 (1 oz.) packet taco seasoning
- 4 eggs
- 3/4 cup whole milk
- 1 3/4 cups biscuit mix or bisquick
- 1/2 cup sour cream
- 2 cups lettuce, chopped or shredded
- 1 cup tomato, finely chopped
- 2 cups sharp cheddar cheese, grated
- Black olives, sliced, optional
- Kosher salt and freshly ground pepper, to taste
PREPARATION
- Preheat oven to 400º F and lightly grease a 9x13-inch baking dish with non-stick spray.
- In a large bowl, beat eggs and milk together until combined, then stir in biscuit mix, and salt and pepper, if using. Set aside.
- Season beef with salt and pepper, then cook until browned. Drain fat, then stir in taco seasoning.
- Place beef in an even layer in greased baking dish, then spread biscuit mix in an even layer on top of beef.
- Transfer baking dish to oven and bake until biscuit layer is golden brown, 22-25 minutes.
- Remove from oven and let cool, then spread sour cream on top of biscuits.
- Top with chopped lettuce, tomatoes and olives, if using, then sprinkle cheddar cheese on top.
- Serve hot and enjoy!
Recipe adapted from Lil' Luna
