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!
CREAMY COZY CHICKEN POT PIE SOUP WITH EGG NOODLES
This chicken pot pie soup has been on my mind on an endless loop for quite a few weeks now. So much so that I made it in 80 degrees weather and enjoyed it with the air conditioner on. And speaking of hot temperatures, this past weekend we hosted a little shindig for our friends, and it was seriously boiling! Close to 80 degrees in the middle of December. And then overnight, the temperature dipped into the low 30s. What? That’s like a 40-degree fluctuation. WHAT? Okay.. whatever, I’m not complaining. Hooray! It finally boot weather. I hear the rest of the US is under a mountain of snow.
What’s better than chicken pot pie? Chicken pot pie soup loaded with egg noodles, shredded chicken, lots of veggies all in a creamy, cheesy soup! It’s just the best kind of comfort food.
INGREDIENTS:
- 5 tablespoons butter
- 1 ¼ cups medium yellow onion
- 1 cup diced carrots
- 1 cup diced celery
- 4 teaspoons minced garlic
- 6-8 mushrooms, diced
- 6 tablespoons flour
- 2 cup cold whole milk or half and half ( I use a combination of both)
- 3-4 cups low sodium chicken broth
- 2 tablespoons salt-free seasoning blend (Mrs. Dash or TJ’s 21 Seasoning Salute)
- 2 ½ cups cooked, shredded chicken
- 1 cup frozen peas
- 1 ½ cups frozen corn
- 2 cups shredded white cheddar
- salt and pepper to taste
- 8 ounces egg noodles, cooked to package directions
DIRECTIONS:
- Heat the butter in a large pot or dutch oven over medium heat. Add the onions and sauté them for 5-7 minutes or until they start to soften and turn translucent. Add the carrots, celery, garlic, and mushrooms and cook for 3-4 minutes or until the mushrooms reduce in size a bit. Stir the veggies as you add the flour to coat everything evenly, let cook 1 minute.
- Stream in the cold milk and 3 cups of chicken broth while you whisk. This will help prevent any lumps. Allow the soup to reach a gentle simmer and start to thicken, about 5-7 minutes. Add the seasoning blend, shredded chicken, peas, and corn and season with a pinch of salt and pepper.
- Bring the soup back to a gentle simmer – you do not want it to boil. Cover, and reduce the heat to just above low and let simmer gently for 12-15 minutes.
- Remove the lid, stir in the cheese one handful at a time and allow each handful to melt in before adding the next. Season with additional salt and pepper to taste. You can add the cooked egg noodles into the soup at this point or place them in individual bowls. I like to keep them separate from the soup because we always have leftovers! Thin the soup with additional broth to desired consistency. You may need additional broth when reheating leftovers.
NOTES:
No need to defrost the peas and corn, you can add them in directly from the freezer.
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