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!
Low-Carb Chicken Zucchini Enchilada
This Low-carb Chicken Zucchini Enchilada is made with “zucchini tortillas” and it’s loaded with enchilada sauce, chicken, and cheese. It’s also gluten-free and very flavorful!
I’m going to start this post saying that I LOVE this Low-carb Chicken Zucchini Enchilada recipe, just because I really DO. When I saw this recipe video on the Delish website, I was a little skeptical about cooking enchiladas with zucchini. However, I thought it’s such a different recipe that I decided to adapt this recipe from Delish. I’m glad to say that it turned out amazing and my whole family loved it! My husband even repeated the plate and I liked so much that I’m now thinking that future enchilada recipes will be made with “zucchini tortillas” 😉
I love this Low-carb Chicken Zucchini Enchilada because it’s lighter than the traditional recipe and also the filling is AMAZING.
This Low-carb Chicken Zucchini Enchilada is made with “zucchini tortillas” and it’s loaded with enchilada sauce, chicken, and cheese. It’s also gluten-free and very flavorful!
Ingredients:
- 1 tbsp. extra-virgin olive oil
- 1 large onion, chopped
- salt to taste
- 2 cloves garlic, minced
- 1 tsp. ground cumin
- 2 tsp. chili powder
- 3 c. Shredded chicken
- 1 1/3 cup red enchilada sauce, divided
- 4 large zucchini, (sliced with a mandolin or peeler)
- 1 cup shredded Monterey Jack
- 1 cup shredded cheddar
- Sour cream, for drizzling
- Fresh cilantro leaves, for garnish
Directions:
- Preheat oven to 350ºF.
- In large skillet over medium heat, heat oil. Add onion and salt.
- Cook until golden and brown. It’s about 5 minutes. Add garlic, cumin, chili powder, shredded chicken and 1 cup enchilada sauce.
- Stir well until combined.
- Using a vegetable peeler or a mandolin make thin slices of zucchini. On a cutting board, lay out four zucchini slices slightly overlapping. Then, add two tablespoons of chicken mixture on top. Roll up and transfer carefully to a baking dish. Repeat with remaining zucchini and chicken mixture.
- After that, use remaining enchilada sauce to top the zucchini enchiladas.
- Sprinkle the shredded Monterey Jack cheese and cheddar cheese.
- Bake for approximately 20 minutes and until cheese is melted.
- Garnish with sour cream and cilantro and serve.
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