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!
King Ranch Chicken Casserole
King Ranch Chicken Casserole is pure comfort food! Loads of cheesy chicken, tortilla strips, and deliciousness blend together in this awesome meal.
I remember exactly the very first time I tried this beloved dish. No, I didn’t grow up eating it like so many have. I was an adult and unfortunately, it was during a very dark time in my life. I was in Florida staying at my parents’ house while my dad was in hospice. Many of their friends from church graciously were delivering meals for our family. At the time I was still nursing my youngest daughter and I needed to stay hydrated and eat regularly no matter if I wanted to or not. One evening a “Mexican style casserole” was on the menu for that night and so I took a helping. Okay, well that resulted in another helping and I’m fairly sure I helped myself to the leftovers for lunch the next day too.
Of course, my mind was in a million places during that time, but I was certainly grateful for the outpouring of love and support that showed up and helped feed us mentally and physically. After things had settled I asked my stepmom to get the recipe for this casserole from her friend. Sometime later I received it in an email and sure enough it was this “semi-famous” King Ranch Chicken Casserole.
Ingredients
- 2 cups chicken breast, cooked & shredded
- 1/4 cup butter
- 1/2 cup green pepper, diced
- 1/2 cup onion, diced
- 1 can cream of chicken soup
- 1 can cream of mushroom soup
- 1 can Rotel tomatoes with green chilies (undrained)
- 1 t cumin
- 2 cups mexican blend cheese
- 15-20 corn tortillas
Instructions
- Preheat oven to 350° degrees. Spray 9x13 baking dish with non-stick cooking spray.
- In small pan melt butter, saute green pepper and onion until softened but not mushy.
- In mixing bowl combine: shredded chicken, cooked green pepper and onion, soups, Rotel tomatoes and cumin. Stir to combine.
- Cut tortillas into fourths, size of tortillas will depend on how many you'll need.
- I make two layers consisting of: tortilla pieces, chicken mixture, and shredded cheese. Spreading layers evenly.
- Bake covered approximately 35-40 minutes until cooked through. Broil 2-3 minutes if you desire the cheese to brown on top.
- Serve with sour cream if desired.
Notes
As mentioned above I used Cream of Celery soup in place of Cream of Chicken and Mushroom. You can add additional spices (cayenne powder, chili powder, Tabasco) if you prefer spicier dishes. Number of tortillas needed will depend on size, I use roughly
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