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!
Chicken Parmesan Stuffed Shells
Hot cheesy Chicken Parmesan Stuffed Shells Recipe, a family dinner no one can resist!
Heaven in a pan. That’s what I’m serving today.
Hot, molten, cheesy, saucy, golden, crispy topped, carb-alicious heaven.
INGREDIENTS :
- 3 cups homemade marinara or store-bought
- 24 jumbo dried pasta shells
- 2 cups chopped cooked chicken, use up leftovers
- 15 ounces ricotta cheese
- 1 cup parmesan cheese
- 1 large egg
- 1 tablespoon dried Italian seasoning
- 1 garlic clove, minced
- 1/2 teaspoon salt
- 1/2 teaspoon crushed red pepper
- 1 cup panko breadcrumbs
- 1/4 cup melted butter
- 1 cup shredded mozzarella cheese
Instructions
- Preheat the oven to 400 degrees F. Pour the marinara in the bottom of a 9 X 13 inch baking dish . Place a large pot of salted water over high heat and bring to a boil.
- Once the water is boiling, drop the pasta shells into the water and cook for 6-7 minutes, until almost cooked through. Drain the pasta.
- Meanwhile, place the ricotta, parmesan cheese, egg, Italian seasoning, garlic, salt, and crushed red pepper in a bowl. Mix well. Then stir in the chopped chicken.
- Spoon the ricotta mixture into the shells. One at a time, dip the top (open side) of each jumbo shell in melted butter, then roll the top in panko bread crumbs. Place the shells panko-side-up in the baking dish.
- Bake for 20 minutes in the center of the oven. (If the bread crumbs aren't turning brown by the 15 minute mark, turn the boiling on high for the last 3-5 minutes.) Remove the baking dish from the oven. Sprinkle mozzarella cheese over each shell. Then bake (at 400) for another 5 minutes to melt the cheese. Serve warm.
Nutrition Facts
Chicken Parmesan Stuffed Shells
Amount Per Serving (6 g)
Calories 902 Calories from Fat 450
% Daily Value*
Total Fat 50g 77%
Saturated Fat 27g 135%
Cholesterol 212mg 71%
Sodium 2174mg 91%
Potassium 1046mg 30%
Total Carbohydrates 62g 21%
Dietary Fiber 5g 20%
Sugars 10g
Protein 50g 100%
Vitamin A 45.3%
Vitamin C 17%
Calcium 73.6%
Iron 28.5%
* Percent Daily Values are based on a 2000 calorie diet.
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