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!
Chicken Cordon Bleu Rice Casserole {No Canned Soup}
I am loving this casserole. I have made it several times in the last few months. Not only is it so easy to make, but the flavor is AMAZING. It's extra cheesy and you get great stretchy cheese pulls as you take spoonfuls!!!
I always seem to have a little of everything leftover in my fridge, especially chicken, ham and Swiss cheese and this casserole helps me use up some of those ingredients. I wanted an extra-creamy sauce, but didn't want to use canned soup. Not that I'm against that, because I use canned soups all the time, but I wanted something different for this casserole. The sauce is a piece of cake to make and only takes a few minutes, it's well worth it. The buttery cracker topping is the perfect finishing touch.
INGREDIENTS:
- 3 c. cooked rice
- 2 c. cooked diced chicken
- 1 c. chopped deli ham
- 1 1/2 c. shredded Swiss cheese
- 1 sleeve Ritz crackers, crushed
- 1 Tbl. unsalted butter, melted
Sauce:- 1 1/2 c. milk (I use 1%)
- 3 oz. cream cheese
- 1 Tbl. all-purpose flour
- 1/2 tsp. kosher salt (or 1/4 tsp. table salt)
- 1 Tbl. unsalted butter
- 1 garlic clove, minced
- 1 tsp. Italian seasoning
- 1/2 tsp. onion powder
- pepper, to taste
- 3/4 tsp. chicken bouillon powder
intructions:
- Preheat oven to 350 degrees. For the Sauce: Heat a large skillet over medium heat. Meanwhile, add the milk, cream cheese, flour and kosher salt to a blender and blend until smooth. When skillet is hot, melt one Tablespoon of butter and add the minced garlic, stirring constantly for 20 seconds or until fragrant. Pour blended milk mixture into the hot skillet and stir. Stir in the Italian seasoning, onion powder, pepper and chicken bouillon powder. Continue stirring until sauce it thickened and creamy, about 5 minutes.
- Stir in the cooked rice, cooked chicken and chopped ham. Pour half of the mixture into a greased 8X8-inch baking pan (or you can use a 9x13) and top with half of the shredded cheese. Pour remaining chicken mixture over the top and cover with the remaining cheese. In a small ziplock, combine crushed crackers and melted butter and toss together until evenly coated. Pour cracker mixture over top of the casserole. Bake in preheated oven, un-covered, for 20 minutes or until hot and bubbly. Remove from oven and serve. Serves: 4-6.
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