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 CAPRESE CHICKEN & QUINOA CASSEROLE
Want to know the best way to your man’s heart??
Yep. This cheesy full-of-yummy-comforting-goodness casserole dish filled with rotisserie chicken, quinoa, fresh tomatoes and basil. I’ve always loved caprese dishes….the combination of mozzarella, tomatoes and basil is pure HEAVEN in my book and I figured it was absolutely necessary that they be thrown into a cheesy casserole.
I wanted this dish to be hearty enough for my hubby’s tastes while still being relatively healthy. I used rotisserie chicken because, well duh, rotisserie chicken always has SO much flavor plus it really makes preparing this dish quick and simple. You could of course cook up some chicken breasts to use, but this just makes things a little easier and I am all about convenience these days. I also used quinoa rather than pasta which not only adds more nutritional value to the overall dish, but the quinoa soaks up the sauce so perfectly I actually prefer it over pasta! Oh and speaking of the sauce – um you guys this is legit. I mean it’s creamy, tomatoey, has just the perfect amount of heat with the added crushed red pepper and when tossed together with the cheese and fresh basil, it’s quite literally awesome-sauce.
Yeah I can’t believe I just said that…
INGREDIENTS
- 3 cups diced rotisserie chicken (or any other cooked chicken)
- 1 cup uncooked quinoa
- 2 cups chicken broth
- 2 cups crushed tomatoes
- 2 Tbsp tomato paste
- 1 Tbsp balsamic vinegar
- ¼ cup half and half
- ¼ to ½ tsp. crushed red pepper (this is optional)
- Salt and pepper, to taste
- ¼ cup grated Parmesan cheese
- 1 cup shredded mozzarella cheese, divided
- 1 cup grape tomatoes, halved
- Handful fresh basil, chopped
INSTRUCTIONS
- Preheat oven to 375 degrees F.
- To make quinoa, rinse and soak for about 10 minutes in warm water. Bring 2 cups of chicken broth to a boil in a small saucepan, drain quinoa and add to boiling broth. Cover and reduce heat to a simmer, cooking for about 12 to 15 minutes. Turn heat off and allow quinoa to sit for 5 minutes, then fluff with a fork; set aside.
- To make the sauce, combine crushed tomatoes, tomato paste and balsamic vinegar in a saucepan on medium heat and bring to a simmer. Add half and half, crushed red pepper and salt/pepper and continue cooking until heated through.
- In a large bowl, mix together chopped chicken, quinoa, Parmesan cheese and a ½ cup mozzarella cheese, then add sauce to quinoa mixture; mixing well.
- Pour quinoa mixture into a prepared 9x13 baking dish and top with the remaining mozzarella cheese and tomatoes.
- Bake in the oven for 12 to 15 minutes, or until cheese is melted and casserole is heated through. Top with fresh basil, serve and enjoy!
NUTRITIONAL INFORMATION
Serving Size: 1¼ cup • Calories: 337 • Fat: 10.5 g • Saturated Fat: 4.3 g • Carbs: 29.2 g • Fiber: 4.8 g • Protein: 31.1 g • Sugars: 2.5 g • WW Freestyle Points: 7
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