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!
Lasagna Stuffed Meatloaf
Stuffed meatloaf made with seasoned beef and oozing with a gooey mozzarella and ricotta cheese will make you forget all about the noodles. Transform a family favorite pasta recipe into Lasagna Stuffed Meatloaf.
This combination of two family favorite comfort foods made with seasoned beef and oozing with a gooey mozzarella and ricotta cheese will make you forget all about the noodles.
Ingredients
- 3/4 cup ricotta cheese
- 1/2 cup grated Parmesan cheese, divided
- 3 large eggs, divided
- 3 Tablespoons minced fresh parsley, divided
- 1 1/4 teaspoons kosher salt, divided
- 2 lbs lean ground beef
- ½ cup bread crumbs, quick oats, or old fashioned oats slightly ground in a blender (gluten free, if needed)
- 1/4 cup onion, minced
- 1 clove garlic, crushed
- 1/2 teaspoon black pepper
- 2 teaspoons Italian seasoning
- 2 cups mozzarella cheese, (about 8 oz), shredded, divided
- 1 cup tomato sauce
Instructions
- Preheat oven to 350°F.
- In a bowl, combine ricotta cheese, 1/4 cup parmesan cheese, 1 egg, 1 Tablespoon parsley, and 1/4 teaspoon salt. Set aside.
- In a separate bowl, combine ground beef, bread crumbs or oats, 2 Tablespoons parsley, onion, garlic, 1/2 teaspoon pepper, 1 teaspoon salt, Italian seasoning, and 2 lightly beaten eggs. Gently combine with your hands until blended, but try not to overwork the meat.
- On a piece of plastic wrap or wax paper, press the meat mixture into a 10x12-inch rectangle.
- Set aside 1 cup shredded mozzarella cheese. Sprinkle the remaining 1 cup mozzarella cheese evenly over the ground beef about two inches from one of the short edges and an inch from the three remaining edges. Spread the ricotta cheese mixture evenly over mozzarella.
- Starting from the short egde with the cheese closest to it, roll up like a jelly roll, towards the end with the cheese two inches from the edge, lifting the wax paper or plastic wrap as you roll. Seal the end completely, and place seam-side down into a 9x13-inch baking pan. Press together any cracks,
- Place pan in the oven and bake for 45 minutes. Remove pan from oven, pour the sauce over the meatloaf, and sprinkle with the reserved mozzarella and parmesan cheese.
- Return meatloaf to oven 15-20 minutes, or until no pink remains. Place under the broiler for 2-3 minutes, or until the cheese is browned and bubbly.
- Remove from oven and allow to stand 10 minutes. Slice and serve
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