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!
SAUSAGE ROLLS
SAUSAGE ROLLS
Easy, filling and perfect for parties these Sausage Rolls are savory, meaty and full of just the right amount of spices that they are a hit among party guests!
You guys know how much I love my appetizers right? Like seriously in love with them. I’ve stated so many times that we could build meals off of those hand-held treats and do so a lot of the time.
Sausage Rolls
Prep Time 20 mins
Cook Time 20 mins
Total Time 40 mins
Course: Appetizer
Cuisine: American
Keyword: Easy Sausage Rolls, Puff Pastry Sausage Rolls, Sausage Roll Recipe, Sausage Rolls, Sausage Rolls Recipe
Servings: 24 rolls
Calories: 119 kcal
Ingredients
- 1 lb pork sausage
- 1 17.3 oz 2 pack box puff pastry
- 2 eggs divided
- 1/2 breadcrumbs
- 2 Tbs parsley
- 1 tsp thyme
- 1 tsp garlic powder
- 1 tsp onion powder
- 1/2 tsp salt
- Pinch of pepper
- Water
Instructions
- Defrost puff pastry according to package directions.
- Preheat oven to 425 degrees.
- Line a large baking sheet with parchment paper, set aside.
- In bowl mix together sausage, bread crumbs, 1 egg, thyme, parsley, onion powder, garlic powder, salt and pepper.
- Section off into 6 equal portions and set aside.
- On a floured surface unfold your pastry dough and gently roll out a little bit so it gets a little thinner then cut into 3 long rectangle sections.
- Place sausage down the center of each section leaving an inch or so of pastry on either side.
- Bring sides together and pinch to seal and pat down slightly, repeat with remaining sausage and dough.
- Cut easy "log" 6 equal portions about 2" long and then pierce the top with a knife 2 times to create venting holes.
- Place sausage rolls 2 inches apart on prepared baking sheet.
- In a small bowl whisk together egg and water and then brush on tops of the sausage rolls and bake in oven for about 20 minutes until pastry is puffed and tops are golden.
