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!
Bite-Sized Blooming Onions
These bite-sized blooming onions turned out being one of those lucky recipes where I kept thinking a step would go wrong, but they all worked! It’s amazing when that happens. It means these were a huge success on the first try!
Sure, I’ll admit that they are a bit of work, but I actually liked them more than the full-sized version. Each bite has a crispier crust and there’s no fighting for pieces of the onion. There’s also no weird wilted leftovers on a plate! The work is worth it, people. Bite-sized is better.
BITE - SIZED BLOOMING ONIONS RECIPEThese are the perfect smaller version of the larger popular appetizer! Easy to eat and perfect for a party!
INGREDIENTS- 2 pounds cipollini onions, peeled and sectioned
- 2 large eggs
- 1 cup buttermilk
- 2 cups all-purpose flour
- 1 tablespoon paprika
- 1 tablespoon kosher salt
- 1 tablespoon pepper
- 1 teaspoon garlic powder
- 1 teaspoon cayenne pepper
- Vegetable oil, for frying
Onion Dip:- 1/4 cup mayo
- 1/4 cup sour cream
- 1 tablespoon ketchup
- 1/2 teaspoon paprika
- Pinch of salt and pepper
Instructions :- Prep onions by slicing off the root end. Slice off as little as possible. Carefully peel onions. Use a sharp knife to cut the onion into eighths, vertically, being careful not to cut all the way through the onion so it stays together. I think it’s best to leave what was the tip end intact.
- After you slice each onion, press on it gently to separate the sections. Toss all the prepped onions in the buttermilk and egg mixture. Let them sit for at least 5-10 minutes to soak. You could also prep the onions in advance and let them marinate overnight.
- Stir together flour with paprika, salt, pepper, garlic powder, and cayenne. Remove onions from buttermilk mixture and dust heavily with flour mixture. Be sure to get it in all the cracks of the onions so they “bloom” a bit as they fry. Move coated onions to a clean plate.
- Heat frying oil to 350 degrees F. Fry bite-sized onions for about 4 minutes until they are golden brown. Remove onions and let drain for a minute. Serve while hot with dipping sauce!
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