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!
BUFFALO CHICKEN DIP (STUFFED FRENCH BREAD)
Mega flavorful Buffalo Chicken Dip Stuffed French Bread is your favorite creamy, cheesy, decadent dip baked right into the loaf with three cheeses all topped with crispy bacon! Crazy delicious EASY crowd pleasing appetizer perfect for parties or game day! Everyone will be begging you to make this!
The base of the Buffalo Chicken Dip is the dreamy creamy trio of sour cream, mayonnaise and cream cheese. Instead of just one or the other, they are exponentially better together.
INGREDIENTS
- 1 large loaf French bread or 2 smaller loafs
- 8 oz. cream cheese, softened
- 1/3 cup sour cream
- 1/3 cup mayonnaise
- 1/4 - 1/2 cup Frank’s Original Hot Sauce (1/2 for quite spicy)
- 1 1/2 tablespoons dry ranch dressing seasoning mix
- 1/2 tsp EACH chili pwdr, cumin, smoked paprika, garlic pwdr, onion pwdr
salt to taste
- 1/4 cup Blue cheese crumbles up to 1/2 cup if you LOVE blue cheese
- 1 cup freshly grated sharp cheddar cheese, divided
- 1 cup Mozzarella cheese, divided
- 3 cups packed shredded chicken (about 1 1/2 pounds)**
- Garnish (optional)
- 6-8 pieces Cooked and crumbled bacon
- blue cheese (only if you love it because its strong)
INSTRUCTIONS
- Preheat oven to 350 degrees F.
- Slice about 2 inches deep through the top of the bread, and continue to cut a large rectangle, being careful not to cut through the bottom of the bread. Remove top of bread and hollow out middle to create a rectangular bread bowl. Set aside.
- Whisk together cream cheese, sour cream, mayonnaise and hot sauce and all spices/seasonings until well combined.
- Stir in blue cheese, 3/4 cup cheddar and 3/4 cup mozzarella followed by chicken.
- Spoon Buffalo Chicken Dip into prepared French bread and top with remaining cheddar and mozzarella cheeses. Bake on a baking tray at 350 degrees F for 25-30 minutes or until cheese is melted and slightly golden.
- Let bread sit approximately 10 minutes to set and slightly cool then slice. Best served warm.
RECIPE NOTES
*I suggest using two narrower loaves as the narrower loaves hold together better once sliced.
**TO EASILY COOK AND SHRED CHICKEN: Heat 1 tablespoon olive oil in a large nonstick skillet over medium-high heat until hot and rippling. Add chicken breasts and cook for 5 minutes, or until golden brown on one side. Flip the chicken over, then add 1 1/2 cups chicken broth or water to the skillet. Cover and reduce heat to medium and simmer 15-20 minutes or until chicken is cooked though and tender enough to shred, adding additional chicken broth/water if the liquid evaporates too quickly. Remove chicken from skillet and let rest 5 minutes before shredding.
MAKE AHEAD: You can prepare Buffalo Chicken Dip in advance and store in the refrigerator separate from bread. When ready to bake, heat dip in microwave until warm then spoon into French bread and bake as directed.
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