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!
Crescent Bacon Breakfast Ring
Crescent Bacon Breakfast Ring
This beautiful Crescent Bacon Breakfast Ring will be everyone’s weekend breakfast of choice, it’s loaded with bacon, eggs and cheese. Perfect for brunch as well.
I love Pillsbury crescents, they’re so versatile and I make all kinds of things with them. Of course you could also make your own dough for this breakfast, but why slave in the kitchen when you don’t have to. So this is such a quick breakfast and so delicious, you could literally use any ingredients. Perfect Sunday breakfast.
This breakfast ring is also perfect for brunch such as Easter brunch because it really is simple to make, hardest thing you have to do is fry some bacon and scramble the eggs.
Crescent Bacon Breakfast Ring Recipe
This beautiful Crescent Bacon Breakfast Ring will be everyone's weekend breakfast of choice, it's loaded with bacon, eggs and cheese. Perfect for brunch as well.
Ingredients
- 5 eggs
- 1/2 red bell pepper chopped
- 1/2 green bell pepper chopped
- 1/4 tsp salt or to taste
- 1/4 tsp pepper or to taste
- 8 slices bacon fried
- 8 oz crescent rolls refrigerated, I used 1 can (8 oz) Pillsbury crescents
- 1 cup cheddar cheese shredded
- 1 egg for egg wash, optional
Instructions
- Preheat oven to 375 F degrees.
- In a bowl beat the eggs with the chopped peppers, salt and pepper. Cook the eggs in a skillet so that they're scrambled. You can use the same skillet you used to fry the bacon, just drain the fat first.
- Lay out the crescent rolls on a parchment pepper, like a star as shown in the pictures above.
- On each crescent roll lay a piece of bacon. Add half of the cheese around the ring. Add the scrambled eggs around the ring and top with remainder of the cheese.
- Fold the crescents over. You may brush with the egg wash if you prefer, I did because it gives the ring a nice golden colour.
- Bake for 20 minutes or until the crescents are cooked and golden brown.
- Garnish with parsley, if preferred. Serve warm.
