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!
Skinny White Chicken Chili {gluten-free & dairy-free}
The one pan wonder chili favorite is made healthier, gluten-free and dairy-free in this flavorful Skinny White Chicken Chili. It’s one of those dishes that makes you feel warm from the inside out and is so perfect served during the winter season!
White Chicken Chili is one of my favorite chili recipes and I was able to easily create a lighter, more figure-friendly version of the ever so popular recipe. Don’t worry, this has all the taste of the hearty, comforting white chicken chili you love plus all of the nutritional and health benefits and whole food ingredients your body craves. Plus, it’s easy, gluten-free and dairy-free – a win-win for all parties involved.
I think we’ll be seeing a lot of this chili this winter. It’s so perfect for cold weather, plus makes enough to feed you for at least two if not three meals. Make it your own and adjust the heat, toppings and yield to best suit your family. It’s extremely customizable and thoroughly delicious. Enjoy!
INGREDIENTS
- 1 tablespoon olive oil
- 1 small (or ½ large) white or yellow onion, finely diced
- 3 garlic cloves, minced
- 2 (4.5-ounce) cans diced green chilies (get mild, if you don't like spicy)
- 3 tablespoons gluten-free flour (any kind, I used Bob's Red Mill gluten-free baking flour)
- 3½ cups low sodium chicken broth
- ½ cup dairy-free milk or any preferred milk product
- 3 cups cooked, shredded or chopped chicken
- 2 (15-ounce) cans reduced sodium white beans, such as white kidney beans, cannellini or Great Northern beans, rinsed and drained
- 1¼ cups frozen corn or canned (drained)
- 1 tablespoon lime juice
- 1 tablespoon cumin
- ½ teaspoon dried oregano
- ½ teaspoon salt, or to taste
- ½ teaspoon black pepper
- ½ teaspoon red chili flakes
- ¼ teaspoon cayenne pepper (optional, don't use if you don't like spicy)
- ¼ cup chopped fresh cilantro
- For serving: fresh lime wedges, jalapeno slices, avocado slices, dairy-free yogurt, dairy-free shredded cheese and back to Nature Crackers
INSTRUCTIONS
- To a large Dutch oven or stockpot, add the olive oil and heat over medium-high heat to warm.
- Add the onion and sauté, stirring occasionally for about 3 minutes. Stir in garlic, green chilies, and flour and continue to cook for about 2 minutes more and until flour is soaking into mixture.
- Add the chicken broth, milk, chicken, beans, corn, lime juice, cumin, oregano, salt, pepper, red chili flakes, optional cayenne pepper, and bring to a boil.
- Lower heat and allow chili to simmer gently for about 10 minutes.
- Stir in cilantro and taste. Add more salt or other seasonings, as desired.
- Ladle chili into bowls, and optionally garnish with crackers, avocado, cheese and/or yogurt. Chili will keep airtight in the fridge for 5 to 7 days or in the freezer for up to 6 months.
NOTES
*I like using rotisserie chicken to bring this chili together even quicker.
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