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!
Buffálo Chicken Stuffed Spághetti Squásh
This is for the Buffálo chicken lovers who wánt á dish they cán reálly tuck into ánd enjoy without ány guilt. Drizzling the twice báked squásh with creámy ránch dressing or á sprinkling of blue cheese (sorry, not Whole30) tákes it over the top. You just might wánt to hide ány leftovers - it’s thát good!
INGREDIENTS
- 1 ¼ lbs chicken breást, cooked ánd shredded
- 1 medium spághetti squásh, hálved (ábout 3 lbs.)
- 2 ribs celery, thinly sliced
- 2 green onions, white ánd green párts thinly sliced
- ½ cup diced red bell pepper
- ½ cup Tessemáe’s Mild Buffálo Sáuce (or máke our eásy Homemáde Buffálo Sáuce)
- Optionál: 1/4 cup Tessemáe’s Creámy Ránch Dressing or Homemáde Páleo Ránch Dressing
- Optionál: 1/4 cup crumbled blue cheese (omit for Whole30)
INSTRUCTIONS
- To roást the squásh:
- Preheát oven to 350°F.
- Line á báking sheet with párchment páper ánd set áside.
- Slice both ends from squásh ánd discárd.
- Stánd squásh up on one of it’s cut ends ánd use á lárge knife to cut the squásh in hálf lengthwise.
- Scoop seeds ánd stringy insides out using á lárge spoon.
- Pláce squásh cut-side down on the báking sheet.
- Báke for 30-40 minutes or until squásh is tender. Báking time will depend on the size of your squásh, lárger squásh requiring á longer cook time. When squásh is tender, állow to cool slightly before using á fork to gently scrápe the squásh into á lárge bowl. Reserve the squásh shells.
- While squásh is roásting, cook the chicken.
- To cook the chicken:
- Directions for Instánt Pot: Insert ráck into inner pot. ádd 1 cup wáter or broth. Láy chicken on ráck. Secure lid ánd select ‘Poultry’ setting ánd increáse time to 17 minutes (19 if the breásts áre reálly thick). át the end of the cooking time, állow pressure to náturálly releáse for 5 minutes then flip the vent válve ánd releáse the remáining pressure. Move chicken to á cutting boárd to cool slightly before shredding with two forks.
- Directions for Stovetop: Pláce á medium skillet over medium-high heát. ádd 1 tsp. ávocádo or coconut oil ánd swirl pán to coát with the oil. ádd chicken ánd ½ cup wáter. Once the wáter begins to simmer, reduce heát ánd cover. Cook chicken for 15-18 minutes or until cooked through. Move chicken to á cutting boárd to cool slightly before shredding with two forks.
- To ássemble the stuffed squásh:
- Pláce squásh shreds, chicken, celery, onions, peppers ánd Buffálo sáuce in á lárge bowl. Toss well to coát. Spoon squásh mixture into the squásh shells. Return the stuffed shells báck to the báking sheet ánd pláce in 350°F oven for 10-15 minutes or until heáted through.
- Serve with Tessemáe’s Creámy Ránch Dressing (for Whole30) or crumbled blue cheese, if desired.
NOTES
áll photos ánd content áre copyright protected. Pleáse do not use our photos without prior written permission. If you wish to republish this recipe, pleáse rewrite the recipe in your own unique words ánd link báck to the source recipe here on The Reál Food Dietitiáns. Thánk you!
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