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!
Maple Caramel Bacon Crack
In another, a man walks to his car to find the ominous note tucked under his wiper blades. You’ll have a heart attack tomorrow, it reads. Instead of wondering what kind of sadistic freak would be leaving creepy natural-causes death notes on his Jetta, this dude just heads on home and picks up the convenient bottle of Bayer sitting on the counter next to the flour and takes a handful while smiling. I’m assuming since the Bayer has a regular place on the counter that these freaky notes probably happen frequently. “Awh, crap, babe, I got another heart attack note! Better take the Bayer!”
Highly addictive, sweet, smoky and SO easy, this Maple Caramel Bacon Crack is your one-way ticket to flavortown. The four simple ingredients are probably in your pantry right now! Once you go bacon crack, you can't go back.
Ingredients
- 1 lb. bacon
- 1 pkg Pillsbury crescent rolls
- ½ cup maple syrup
- ¾ cup brown sugar
Instructions
- Preheat oven to 325 degrees F. Line a rimmed baking sheet (like a 15x10) with parchment paper and lightly grease the parchment with cooking spray. NOTE: this recipe was originally made with foil. Since people have had issues with the foil, I recommend using parchment paper. Unroll the crescent rolls into one single plane of dough and pinch any perforations together to seal. Stretch the dough out to fit the size of the pan with your hands so it's even. Prick the dough with a fork all over. Set aside.
- Meanwhile, cook your bacon. I like cooking mine in a skillet, but you can bake it - whichever you prefer. Cook it until it's technically safe enough to eat and just about done, but still lighter in color and not quite crispy. You don't want it fully cooked and crispy as it will continue to cook in the oven. I pulled mine out of the pan right when they were a medium-pink color. Drain the bacon on a paper towel-lined plate.
- Drizzle ¼th cup of the maple syrup over the crescent roll dough. Sprinkle with about ¼th cup of the brown sugar. Top with torn pieces of the cooked bacon. Drizzle the remaining maple syrup on top of the bacon pieces, and top with the remaining brown sugar.
- Bake for approx. 25 minutes or until bubbling and caramelized. Remove from the oven and allow the pan to come to room temperature or warm to the touch before cutting or breaking into pieces. You can serve this at room temperature or slightly warmed. It tastes best the day of, but can be eaten the next day if stored airtight.
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