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!
FRENCH ONION SOUP AU GRATIN STUFFED MEATBALLS
FRENCH ONION SOUP AU GRATIN STUFFED MEATBALLS
Turn the best part of French Onion soup - the caramelized onions and gooey cheese - into a true "man meal" by stuffing it into meatballs.
French Onion Soup au Gratin Stuffed Meatballs
Prep Time 20 mins
Cook Time 1 hr 10 mins
Total Time 1 hr 30 mins
Course: Dinner, Main Dish
Cuisine: American
Keyword: French onion soup, gluten free, gluten free dinners, skillet dinners, stuffed meatballs
Servings: 5
Calories: 452 kcal
Author: Brianne @ Cupcakes & Kale Chips
Ingredients
For the onions
- 1 Tablespoon olive oil
- 2 large onions halved and thinly sliced
- 1/2 Tablespoon fresh thyme or 1/2 teaspoon dried thyme
- 1 teaspoon salt
- 1/2 teaspoon pepper
- 1/4 cup beef broth
- 1/4 cup red wine , I used Pinot Noir
For the meatballs:
- 1 1/2 lbs ground beef
- 1/4 cup bread crumbs or ground oats, gluten free, if needed
- 1 Tablespoon minced fresh parsley
- 3/4 teaspoon pepper
- 1 teaspoon kosher salt
- 1 large egg
- 8 oz mozzarella cheese , about 1-2 oz into sixteen approximately half-inch cubes, to stuff the meatballs, the remainder shredded
- 1/2 Tablespoon olive oil
- Fresh chopped parsley for garnish , optional
For the sauce:
- 1 3/4 cup beef broth
- 1/4 cup red wine , I used Pinot Noir
- 2 Tablespoons cornstarch
- salt & pepper to taste
Instructions
For the onions:
- Heat oil in a skillet over medium, add onions, salt & pepper, cook 15-20 minutes, stirring frequently or until caramelized.
- Add thyme, sauté for minute or two, then add the wine and beef broth.
- Reduce until very little liquid remains.
- Set aside.
For the meatballs:
- Combine all ingredients except the cheese in a large bowl, and gently combine with your hands.
- Divide the meat mixture into sixteen equal pieces.
- Take one piece of the meat mixture and flatten slightly into a patty. Place about a half tablespoon of the onions and one cube of cheese in the center of the patty and wrap the meatball around the onions and cheese, sealing as best you can. Repeat with the remaining meat, onions, and cheese cubes.
- Preheat your oven to 375°F.
- Heat the oil in a skillet over medium high heat. Add the meatballs and brown on all sides.
- Whisk together the sauce ingredients and pour over the meatballs. Place in the oven and bake for 15-20 minutes. If you are not using an oven-safe skillet, transfer to a casserole dish before pouring over the sauce.
- Sprinkle the shredded cheese over the meatballs and return to the oven for another 15-20 minutes, or until cooked through, then place under the broiler for 2-3 minutes, or until the cheese is browned and bubbly.
- Garnish with fresh parsley, if desired.
- Enjoy!
