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!
Cream Cheese Chicken Enchiladas
These chicken enchiladas owe their creaminess to the addition of one of my favorite ingredients – cream cheese! They are a crowd favorite.
Guess what? I have money in my bank account again (for now)! First thing I bought? The ingredients for this meal and my shopping list consisted of: cream cheese, enchilada sauce, green chiles, scallions, and tortillas. Yes, that was all I had to buy. I never realized until the past two weeks how stocked my kitchen is before going to the grocery store. And how many different and delicious things I could make without leaving home.
But regardless of what your pantry looks like, buy whatever ingredients you do not already have and make this. Very easy to prepare and it cooked while I got ready to meet up with friends for drinks. I definitely took a moment to slow down and enjoy this delicious thing that I put on my plate before going off into the night with a full and happy belly!
Ingredients:
- 5 oz. reduced fat cream cheese, softened
- 1/4 cup light sour cream (or plain Greek yogurt)
- 10 oz. can of enchilada sauce
- 1 cup shredded cheddar cheese, divided
- 1 cup shredded monterey jack cheese, divided
- 2 cups cooked shredded chicken
- 1 cup frozen corn kernels, thawed (canned corn works, but drain it first)
- 4 oz. can diced green chiles
- 1/2 tsp chili powder
- 1/4 tsp cumin
- Salt and pepper
- 4 scallions, thinly sliced
- 8 (8-inch) whole wheat tortillas
Directions:
- Preheat oven to 325 degrees. Spray a 9×13 dish with cooking spray.
- In a large bowl, cream together the cream cheese, sour cream, and 1/2 of the enchilada sauce. Stir in 1/2 cup of each type of cheese.
- In a second bowl toss together the chicken, corn, cumin, chili powder, salt and pepper, green chiles, and half of the scallions. Add the chicken mixture to the cheese mixture and combine well.
- Spread about half of the remaining enchilada sauce (1/4 of the can) in the bottom of the baking dish.
- Spoon the filling into each tortilla, roll the tortilla up, and place in the baking dish with the seam down. Pour the remaining enchilada sauce over the top of the filled tortillas and sprinkle with the remaining cheese. Bake for 20-25 minutes or until hot and bubbly. Sprinkle with the remaining scallions and serve.
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