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!
Spicy Chicken Ranch Hot Dip
I have an amazing dip recipe for you today! It’s a Spicy Chicken Ranch Dip made in a skillet with chicken, green onion, cream cheese and Hidden Valley Spicy Ranch mix. It is creamy and full of flavor!
This is one of my favorite dips and I can’t believe that I haven’t shared it yet. This hot dip is finger-licking-good and guaranteed to please your whole family. The ingredients are kid-friendly and adult-friendly, so there should be no nose turning at the table.
I usually make this dip with regular Hidden Valley Ranch dip mix packet but I was in a mood to try something different so I put a little twist there and made it spicy. It turned out great! But, if you don’t feel like making it spicy, use the original ranch dip mix, that is what I usually use.
Ingredients
- 1 1/2 Tbsp. vegetable oil
- 6 chicken tenders
- 1/2 packet of Hidden Valley Spicy Ranch Seasoning
- 10 oz cream cheese
- 3/4 cup of sour cream
- 1/4 cup mayo
- 1/4 cup chopped green onions
- Remaining 1/2 packet of Hidden Valley Spicy Ranch Seasoning
- 1/2 cup Italian mix shredded cheese
- More shredded cheese for topping
Instructions
- Add the oil to your oven-safe skillet and preheat it on stove-top, on medium heat.
- Coat the chicken tenders in the seasoning mix, evenly. Cook it on medium heat, flipping half way through, until golden brown and completely cooked.
- Take out the chicken and place it on the cutting board to cool down, so it can easily be handled.
- Beat the cream cheese, sour cream and mayo until evenly combined and smooth.
- Add the chopped green onions, cooked chopped chicken, shredded cheese and the remaining 1/2 packet of the ranch seasoning mix. Mix very well using a spatula, until all evenly combined.
- Preheat the oven to 375.
- Make sure that there is enough oil remaining in the skillet. If not, add about 1/2 more tablespoon and make sure that it's distributed all over the skillet and on the sides.
- Transfer the dip mixture into the skillet and spread it evenly. Top off with some more shredded cheese.
- Bake for about 20 minutes. If you want the cheese to be a little more golden, turn on the broiler for 50-60 seconds. (Make sure that your rack is not in the top position and if it is, broil for much less time.)
Recipe Notes
Recipe from Lyuba @ willcookforsmiles.com All images and content are copyright protected. Please do not use my images without prior permission. If you want to share this recipe, please simply link back to this post for the recipe. Thank you.
Spicy Chicken Ranch Dip | from willcookforsmiles.com #dip #chickendip #ranchSave
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