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!
NANTUCKET CORN PUDDING
Nantucket Corn Pudding is a traditional recipe that was popular with the original colonial inhabitants of New England – and today, it’s a classic side dish still served at many Thanksgiving dinners around the United States.
There are so many different recipes for corn pudding – and most modern day versions (like today’s Nantucket Corn Pudding) use whole corn kernels, rather than a porridge made with ground corn or corn meal. Back in the 17th century, the savory corn meal porridge was called ‘Hasty Pudding, and the sweet corn meal porridge was called ‘Indian Pudding.’
We found this Nantucket Corn Pudding recipe in this cookbook – and my husband Jack and I absolutely loved the golden and savory, buttery cracker and cheddar topping that was piled high on the creamy, flavorful corn pudding.
If you can find it, this Nantucket Corn Pudding is best with fresh whole corn kernels cut off the cob. But fresh corn isn’t often readily available during the Fall season, so a good quality drained canned sweet corn is a good alternative. (Frozen corn kernels may also be used, but we’ve found that the texture of frozen corn tends to be a little rubbery, so we’d highly recommend using canned as the best alternative to fresh corn.)
DESCRIPTION
Note: The original Nantucket Corn Pudding recipe calls for ‘pilot crackers’, ‘hard tack’ or oyster crackers. We’re fairly certain pilot crackers and hard tack (a simple flour and water biscuit) aren’t available at the supermarket, so oyster crackers are what we used. (They worked great in this recipe!)
INGREDIENTS
- 8-10 ears fresh corn on the cob, or 5 cups canned corn, drained
- 2 large eggs
- 1 cup half and half
- ½ teaspoon kosher salt
- 1/8 teaspoon white pepper
- Few grinds fresh nutmeg
- ¾ cup crushed oyster crackers, divided (crush the crackers, then measure). Also see note above
- 3 tablespoons melted butter, divided
- ½ cup sharp cheddar cheese, shredded
- Paprika
INSTRUCTIONS
- Preheat oven to 350 degrees F.
- Cut corn from cob if using fresh corn and scrape right down to the cob saving the liquid that scrapes off with the corn kernels. You should have about 5 cups. Set aside. (Alternately, drain 5 cups of canned corn.)
- Butter a 9” round or square 9 X 2 ½“ deep casserole dish.
- In a large bowl beat eggs, cream, salt, pepper and nutmeg.
- Add corn, ½ cup of the cracker crumbs and 2 tablespoons of the melted butter.
- Pour the mixture into the prepared pan.
- Sprinkle all of the cheese over the top.
- Mix the remaining cracker crumbs with the remaining butter and sprinkle over the top.
- Dust with a little paprika.
- Bake 45-50 minutes or until puffed and golden brown. The edges will be crispy and the center a bit loose.
- Serve immediately.
- more recipes @ www.afamilyfeast.com
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