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!
Southwest Chicken Detox Soup
This Southwest Chicken Soup is super clean and healthy. Try this Southwest Chicken Detox Soup to help kick-start your diet!
It’s a lean, healthy chicken and vegetable soup with several detoxifying ingredients to help flush toxins from your body and boost your metabolism. It is meant to be eaten for several days in a row to get your system back on track.
Southwest Chicken Detox Soup Recipe - A healthy low-fat, low-carb, gluten-free soup with tons of flavor. This southwest chicken soup packs a punch!
Ingredients
- 1 1/2 pounds boneless skinless chicken breasts
- 1 large onion, peeled and chopped
- 4 garlic cloves, minced
- 1 tablespoon olive oil
- 3 - 4.5 ounce cans Old El Paso Chopped Green Chiles
- 14.5 ounce can "fire roasted" crushed tomatoes
- 3 quarts chicken stock
- 1 tablespoon ground cumin
- 1 teaspoon crushed red pepper
- 1/2 teaspoons turmeric
- 2 1/2 cups sliced carrots
- 4 cups chopped cabbage
- 3 cups small broccoli florets
- 2 avocados, peeled and diced
- Salt and pepper
Instructions- Set a large sauce pot over medium heat. Add the olive oil, chopped onions, and garlic. Sauté for 5-6 minutes to soften. Then add whole raw chicken breasts, Old El Paso Chopped Green Chiles, crushed tomatoes, chicken broth, all the spices, carrots, and 1 1/2 teaspoons sea salt.
- Bring to a boil, lower the heat, and simmer for 20+ minutes, until the chicken breasts are cooked through. Then remove the chicken with tongs and set them on a cutting board to cool.
- Add the chopped cabbage and broccoli to the pot. Continue to simmer to soften the broccoli. Meanwhile, shred the chicken breasts with two forks, and stir it back into the soup. Once the broccoli is tender, taste, then salt and pepper as needed. Serve warm with a generous amount of diced avocado on top!
Recipe Notes
NOTE: If the soup base boils down too much, add 2-3 cups of water to the broth. Then taste for seasoning.
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