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!
BACON JALAPENO DEVILED EGGS
BACON JALAPENO DEVILED EGGS
BACON JALAPENO DEVILED EGGS ARE A DELICIOUS DISH THAT ADDS A KICK TO THE TRADITIONAL SPRING, SUMMER, OR EASTER APPETIZER!
Deviled Eggs are one of my favorite recipes this time of year, well any time of year really. They’re so easy to make. You can serve up the classic version or come up with all kinds of yummy flavor combinations. One of my all-time favorite flavor pairings is jalapeno and bacon. I don’t know what it is about those ingredients together but it’s magical when it hits my mouth. I’ve made Bacon Jalapeno Popper Quiche, Jalapeno Popper Stuffed Mushrooms, and today I’m sharing one of my most popular recipes ever, Bacon Jalapeno Deviled Eggs!
BACON JALAPENO DEVILED EGGS!
Tools used to make this Bacon Jalapeno Deviled Eggs recipe
- Large Pot: This pot is a kitchen essential for everything from dinner to desserts. I use mine all the time and with proper care, it’ll last for years and years.
- Mixing Bowl: These mixing bowls are perfect for mixing and serving. I love the varied sizes so I always have to right size bowl for all my mixing needs.
- Ziploc Bag: My kitchen drawer is always stocked with zipper top plastic bags. They’re great for storage, but I find myself using them for everything from deviled eggs to frosting too!
- Rubber Spatula: Rubber spatulas are one of those kitchen tools you don’t realize how much you use until they’re all dirty. This set of three spatulas in various sizes and shapes will make cooking everything from dinner to dessert a breeze.
Bacon Jalapeno Deviled Eggs
Bacon Jalapeno Deviled Eggs are a delicious dish that adds a kick to the traditional spring, summer, or Easter appetizer!
Course Appetizer
Prep Time 10 minutes
Total Time 10 minutes
Servings 24 deviled eggs
Calories 118 kcal
Author Aubrey Cota
Ingredients
- 12 large eggs hard-boiled and peeled
- 1 cup mayonnaise
- 1 1/2 teaspoon rice vinegar
- 3/4 teaspoon dry ground mustard
- 1/2 teaspoon sugar
- 2 jalapenos seeded and diced
- 6 pieces bacon cooked, crisp, and crumbled
- Paprika for garnish
Instructions
- Slice the hard boiled eggs in half, lengthwise
- Remove the yolks and put them in a mixing bowl
- Mash the egg yolks with a fork
- Add the mayonnaise, rice vinegar, ground mustard, and sugar to the mashed egg yolks and stir until well combined
- Mix in the jalapenos and bacon
- Put the mixture in a Ziploc bag and cut a small hole in the corner of the bag
- Fill each egg hole with the mixture
- Sprinkle with paprika
- Chill until ready to serve
Nutrition Facts
Bacon Jalapeno Deviled Eggs
Amount Per Serving
Calories 118Calories from Fat 99
% Daily Value*
Total Fat 11g17%
Saturated Fat 2g10%
Cholesterol 89mg30%
Sodium 126mg5%
Potassium 46mg1%
Protein 3g6%
Vitamin A2.7%
Vitamin C1.7%
Calcium1.3%
Iron2.4%
* Percent Daily Values are based on a 2000 calorie diet.
