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!

Cheesy Crock Pot Margarita Chicken Dip

In honor of Cinco de Mayo, I have a fun twist on margarita chicken with this Crock Pot Margarita Chicken Dip. This is an easy slow cooker dip recipe inspired by the flavors of lime, tequila, and orange. Cinco de Mayo is a great day to enjoy some Mexican cuisine, but who really needs an excuse to kick back with a margarita and some tortilla chips? I could do this at least once a week! 🙂 
This crock pot margarita chicken dip is as simple as throwing some ingredients in a crock pot, turning it on, and stirring it a few times. What could be easier? You can pre-cook and shred the chicken yourself or buy a rotisserie chicken from the store. The same goes for the Pico de Gallo topping. Make your own Pico or buy it, it’s really up to you. The Pico adds a wonderful pop of color on top of the dip and and compliments the flavors in the dip so nicely.

I do have to give my friend Anne props for coming up with the Pico idea! I made this the first time without it and we both agreed it needed a garnish- the Pico is perfect! It is like two dips in one- chicken dip meets salsa!

Easy slow cooker chicken dip recipe with tequila. This Crock Pot Margarita Chicken Dip will be a great appetizer for Cinco de Mayo, summer cookout, or your next party.

Ingredients
  • 12 oz cream cheese, softened
  • 1 1/2 cups chicken, cooked and shredded (a rotisserie chicken works well)
  • 2 1/2 cups Monterrey jack cheese, shredded
  • 1/4 cup tequila
  • 1/4 cup lime juice
  • 1 tbsp lime zest
  • 2 tbsp fresh orange juice
  • 1 tsp kosher salt
  • 1 tsp cumin
  • 2 cloves garlic, minced
  • Small container of Pico de Gallo (store bought or homemade)

Instructions
  1. Cut the cream cheese into small cubes (approximately 1 inch) and layer across the bottom of a medium sized crock pot.
  2. Spread the shredded chicken over top of the cream cheese and cover with shredded cheese. Add the remaining ingredients to the crock pot. 
  3. Turn the crock pot on high, cover, and heat for about an hour or until the dip is heated through. Stir the dip several times as it is warming up to mix the ingredients together and keep the bottom from browning.
  4. Serve warm with tortilla chips and top with Pico de Gallo.

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