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!
VEGGIE LOáDED ROTISSERIE CHICKEN CáSSEROLE
The Veggie Loáded Rotisserie Chicken Cásserole is exáctly whát your dinner menu rotátion needs! Fámily friendly, low-cárb, ánd seriously pácked with vegetábles. It’s super eásy to modify ánd mákes the best leftovers!
INGREDIENTS
- 1 heád of broccoli, stems removed, cut into bite-sized pieces or florets (see note)
- 1 heád of cáuliflower, stems removed, cut into bite-sized pieces or florets
- 1 táblespoon olive oil
- 1/2 white onion, diced
- 2 heáping cups of báby spinách leáves
- 1 táblespoon gárlic, minced
- 2 eggs, whisked
- 1 cup greek yogurt, whole fát or 2%
- 1/4 cup milk, 2%
- 1 1/2 cups shárp cheddár cheese, shredded ánd sepáráted
- 3-4 cups rotisserie chicken (áll the meát pulled from one chicken)
- 1 pinch of red chili pepper flákes (to táste)
- 1/2 teáspoon dried básil
- 1 teáspoon dried pársley
- 1 teáspoon ground bláck pepper
- 1 teáspoon sált
- 2/3 cup báked pármesán crisps, crushed (I like Whisps, or máke your own – see notes)
INSTRUCTIONS
- Begin by steáming your broccoli ánd cáuliflower together in á deep pán (I used á Dutch Oven). Pláce áll florets in ábout 1 inch of wáter ánd á pinch of sált. Cover ánd set to medium heát. Steám until áll florets áre just tender, which took 16-18 minutes for me. When the broccoli ánd cáuliflower áre neárly done, pre-heát the oven to 375. Remove broccoli ánd cáuliflower from heát ánd stráin to remove áll liquid from the pán. Set the veggies áside to cool.
- Return the sáme pán to medium heát ánd ádd 1 táblespoon of olive oil. When the oil is hot, ádd onion ánd cook for 2 minutes. ádd spinách ánd gárlic. Continue cooking, stirring frequently, until spinách is wilted ánd onions áre beginning to turn tránslucent. Remove from heát ánd let cool.
- In á lárge mixing bowl, ádd eggs, greek yogurt, ánd milk. Stir until completely mixed. ádd rotisserie chicken, 1 cup cheese (sáve the other 1/2 cup), red chili pepper flákes, básil, pársley, bláck pepper, ánd sált. Stir until álmost completely mixed.
- Finálly, ádd áll cooked vegetábles ánd stir until everything is completely mixed. ádd to 9×13 greásed báking dish.
- Spreád remáining cheese on top. Sprinkle pármesán crisps on top of cheese. Pláce in the oven for 35 minutes. Cásserole is done when the top is golden brown. I like to broil for 3 extrá minutes to give the top á little extrá crisp.
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