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!
BEST CHICKEN ENCHILADAS EVER!
I know that food bloggers are never prone to hyperbole. But with these enchiladas, I stand by the title that I gave to this recipe in my very first year of food blogging
Actually, I can brag on these ones because my friend, Liisa, was the one who taught me how to make them. She was my roommate for a few years back in my early twenties when I was learning how to cook. And let’s just say that I won the foodie roommate jackpot getting to live with a friend like her. She not only cooked breakfast, lunch, and dinner for herself almost every day, but she equally as obsessed with Mexican food as I was. And these chicken enchiladas were her specialty.
INGREDIENTS:
- 2 tablespoons avocado oil (or any mild oil)
- 1 small white onion, peeled and diced
- 1.5 pounds boneless skinless chicken breasts, diced into small 1/2-inch pieces (*or see substitution below for using pre-cooked shredded chicken)
- sea salt and black pepper
- 1 (4-ounce) can diced green chiles
- 1 (15.5 ounce) can black beans, rinsed and drained
- 8 large flour tortillas
- 3 cups Mexican-blend shredded cheese
- 1 batch red enchilada sauce, or 1 can store-bought enchilada sauce
- optional toppings: fresh cilantro, diced red onions, avocado, sour cream
- Preheat oven to 350 degrees F. Prepare your enchilada sauce, if making homemade.
- In large saute pan, heat oil over medium-high heat. Add onion and saute for 3 minutes, stirring occasionally. Add diced chicken and green chiles, and season with salt and pepper. Sauté for 6-8 minutes, stirring occasionally, or until the chicken is cooked through. Remove from heat and set aside.
- To assemble the enchiladas, set up an assembly line including: tortillas, enchilada sauce, beans, chicken mixture, and cheese. Lay out a tortilla, and spread two tablespoons of sauce over the surface of the tortilla. Add beans in a line down the middle of the tortilla, then add in a spoonful of the chicken mixture, then sprinkle with 1/3 cup cheese. Roll up tortilla and place in a greased 9 x 13-inch baking dish. Repeat with the remaining ingredients. Then spread the remaining enchilada sauce on top of the tortillas, and sprinkle on the remaining shredded cheese.
- Bake uncovered for 20 minutes. Remove from oven and serve immediately, garnished with chopped fresh cilantro if desired.
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