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!
Double Crust Chicken Pot Pie
This Double Crust Chicken Pot Pie is made using one of my favorite kitchen tools, my cast iron skillet. I really don’t know what I would do without my cast iron skillets they are my “go to” when it comes to pans in my kitchen. They hold and distribute the heat evenly making the bottom crust for this chicken pot pie bake crispy and golden. The creamy homemade base for the chicken and vegetable filling cooks to sheer perfection. Chicken and vegetables cooked between buttery pie pastry couldn’t be anything other than a downhome skillet meal that screams comfort.
Ingredients- 5 Tbsp butter
- 1 rib celery diced
- 3 green onion chopped
- 1/3 cup all-purpose flour
- 2 cups low sodium chicken broth
- 1/4 cup half & half or cream
- 1 1/2 tsp poultry seasoning
- 1 1/2 tsp garlic salt
- 1 tsp dry tarragon leaves
- 1/4 tsp lemon pepper
- 1/4 tsp black pepper
- 3 cups chopped rotisserie chicken
- 2 cups frozen mixed vegetables thawed
- 1 14 oz package refrigerated pie crust, bring to room temperature per instructions
- 1 large egg beaten with 1 tsp cold water (Egg wash)
Instructions
- Preheat the oven to 350°F. Brush the bottom and sides of a 10-inch cast iron skillet or similar with vegetable oil. Set aside.
- In a large skillet over medium-high heat melt the butter. Cook the celery and green onion in the butter for 3 minutes or until the celery is beginning to soften.
- Lower the heat to medium, stirring constantly add the flour to the skillet. Stir until the butter has absorbed the flour.
- Continue whisking gradually adding the chicken broth. Increase the temperature and bring to a boil. Add the half & half and immediately lower the heat to simmer. Add the poultry seasoning, garlic salt, tarragon, lemon pepper and black pepper. Mix well. Simmer for 5 minutes.
- After 5 minutes, remove from the heat and mix in the chicken and vegetables. Mix well.
- Unroll one pie crust and fit firmly onto the bottom and sides of the skillet. Pour the filling into the crust.
- Fit the second crust on top. Fold under pressing the edges of the crusts together and pinching to seal.
- Cut slits in the middle of the crust to vent. Brush with the beaten egg wash.
- Bake for 40-45 minutes until the crust is golden. Rest for 10 minutes then serve.
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