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!
Chicken Fajita and Rice Soup
This Chicken Fajita Soup is definitely worthy of being added to your fall and winter soup rotation! It’s something out of the ordinary that your whole family can enjoy and it will leave you craving more!
Yet one more thing I had to try in soup form, because it is fall after all! I’ve always loved chicken fajitas and I love soup just as much so the two are just meant to come together right?
I’ve already made this soup twice in two weeks! It’s easy to make and it’s packed with all the flavors of classic chicken fajitas. To keep it hearty and filling I decided to add rice and black bean, and I personally like tomatoes on my fajitas (I make my fajitas more like a taco and load on the toppings) so you’ll also find the tomatoes here. And I went with the fire roasted to help gives this soup that classic charred fajita flavor.
Every now and then I’ll get a comment on some of my recipes that have 1 – 2 Tbsp of chili powder in them with people saying it was too spicy. If you aren’t used to chili powder you may find this chicken fajita soup a little spicy (also be sure not to buy hot chili powder). This soup wasn’t too spicy for my mom or kids who don’t like spicy foods, so hopefully it’s not for any of you.
Ingredients- 1 cup dry long-grain white rice
- 2 bell peppers , chopped into 1/2-inch pieces (3 cups)
- 2 cups chopped yellow onion (2 small)
- 4 cloves garlic , minced
- 1 Tbsp olive oil
- 5 1/2 cups low-sodium chicken broth
- 1 (14.5 oz) can fire roasted diced tomatoes
- 4 tsp chili powder
- 1 Tbsp ancho chili powder
- 1 1/2 tsp ground cumin
- 1 1/2 tsp paprika
- 3/4 tsp oregano
- Salt and freshly ground black pepper
- 1 lb boneless skinless chicken breast , pounded evenly with flat side of meat mallet to 1/2-inch thickness
- 1 (14.5 oz) can black beans, drained and rinsed
- 1/3 cup chopped cilantro
- 2 Tbsp fresh lime juice
- Mexican cheese blend and sour cream for serving (optional)
Instructions
- Prepare rice according to directions listed on package.
- Meanwhile, heat olive oil in a large pot over medium-high heat. Add bell peppers and onion and saute 3 minutes then add garlic and saute 1 minute longer. Pour in chicken broth and diced tomatoes. Stir in chili powder, ancho chili powder, cumin, paprika, oregano and season with salt and pepper to taste. Add chicken and bring to a light boil. Reduce heat to medium-low, cover and simmer until chicken has cooked through (chicken should register 165 degrees in center on an instant read thermometer), about 10 - 15 minutes. Transfer chicken to a cutting board (while continuing to cook soup mixture to soften veggies) and let chicken rest 5 minutes, then cut into small strips. Return chicken to soup, stir in cooked rice (if you don't plan on serving the whole pot of soup right away, don't add the rice. It will being to absorb the broth as it rests so just add the rice to each serving), black beans, cilantro and lime juice. Serve warm with cheese and sour cream if desired.
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