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!
Skillet White Chicken Chili Dip
It’s the middle of December and my instagram feed is filled with people enjoying their holiday traditions – cookie baking, tree lighting, sledding and party filled evenings. I can’t help but love this time of year, even if a little hustle and bustle comes with it. Between Brian and I, we have four families to celebrate with, meaning lots of good food, fun and love.
On Christmas Eve we head to Brian’s mom’s, all 25+ of us (and growing!) for a day filled with hot toddies served in her original set of Tom & Jerry mugs from the 1970’s and the annual Shuv-unda game (more on that soon). We forgo a big meal with lots of prep and instead everyone brings their favorite appetizers, a tradition I’m totally a fan of.
I fell in love with its smooth base and surprise bites of chicken throughout. And coincidentally, the pops of color from the peppers and cilantro is quite holiday-esque. The salsa verde gives it some tang and the way the cheese bubbles and browns……. dang, so good. And nobody will even know it’s a little lighter thanks to the bean puree.)
INGREDIENTS
- 1/2 tablespoon olive oil
- 1 (14.5 ounce can) white beans, drained
- 1/3 cup sour cream
- 2 cloves of garlic, roughly chopped
- juice of a half lime
- 1/2 teaspoon ground cumin
- 1/4 teaspoon salt
- 1 cup shredded, cooked chicken
- 1/2 cup sweet corn (fresh or frozen)
- 2 tablespoons minced cilantro
- 2 cups mozzarella/cheddar cheese combination, divided
- 1/3 cup diced red peppers
- 1/3 cup + 1 tablespoon salsa verde (I like the jar from Trader Joe's as it's just spicy enough. If you buy a different kind, taste and see if you'd like some spice. If so, add a bit of tabasco!)
DIRECTIONS
- Preheat the oven to 375 degrees. Brush olive oil onto bottom and halfway up sides of a 10 inch cast iron skillet. (You could also bake in any vessel you normally use for baking dips, relatively the same size.)
- Reserve ¼ cup of the drained beans, set aside. Add the rest of the beans, sour cream, garlic, lime juice, cumin, and salt to a food processor. Puree until smooth. Taste and add a little salt if needed. Stir in chicken, corn, cilantro and 1 cup of cheese.
- Spread onto bottom of skillet, then evenly sprinkle remaining ¼ cup white beans, red peppers and salsa verde on top of the mixture. Cover with remaining cheese. Bake for 16-20 minutes, until dip is bubbling and browned on top. Serve immediately. Can be rewarmed as needed.
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