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!
Crock Pot Sweet Potato Chipotle Chili {Paleo}
Crock Pot Paleo Sweet Potato Chipotle Chili! This beanless chipotle chili recipe is healthy but hearty, with an extra kick of spice! Made with simple ingredients you probably already have in your fridge! An easy whole 30 and paleo friendly chili made in the crock pot so you can be ready to serve with little effort.
INGREDIENTS
- 2 -3 sweet potatoes (peeled and chopped). Turns out to be around 3 1/2 – 4 cups
- 2- 2 1/2 cups broth (use 2 cups for more Chili texture) see notes for more tomato base alternative
- 1 lb ground lean pork, beef, chicken, or turkey (see notes for using precooked meat)
- 14 oz diced canned tomatoes (drained) – you can use garlic or onion flavor canned if you like
- 1 cup chopped white onion
- 2 -3 cup finely chopped or riced cauliflower (add as much or little as you’d like)
- 1 tsp minced garlic
- 2 chipotles with the adobo sauce, chopped, found on Spanish/Mexican foods aisle or, 1/2 cup to 2/3 cup hot chipotle salsa may be substituted
- 1 tsp cumin
- 1/2 tsp paprika
- 1/4 to 1/2 tsp chili powder (1/2 tsp will create more spice)
- 1/4 tsp black pepper
- sea salt to taste
- optional 1/2 cup chopped bell peppers
- Fresh chopped Cilantro and optional sliced jalapeno to garnish
- Optional toppings: Cheese, tortilla chips, etc. omit if paleo or Whole30
INSTRUCTIONS
- First chop and peel your potatoes. Place in a microwave safe bowl and steam with 1 tbsp water in them for 90 seconds.
- Brown meat in a skillet, drain grease. Then place in crock pot.
- Add your canned tomatoes, sweet potato, onion, cauliflower, broth, and mix all together.
- Finally, add your seasonings and chipotle peppers with sauce. Add your bell pepper here if you are using it.
- Stir and cook on high for 3-4 hrs. If you browned your meat prior then cooking time will be less. Around 1-2 hrs high, checking at 1 hour or so..
- Add more paprika and or black pepper/sea salt when finished cooking if desired.
- Garnish with fresh cilantro and optional jalapeno.
NOTES
If you are using cooked meat, adjust time to one hour or until veggies are cooked. Add your meat in the last 20 minutes to just reheat.
The canned chipotles in adobo, chopped, are found on Spanish/Mexican foods aisle or you can use 1/2 cup to 2/3 cup hot chipotle salsa
If you use the canned, you can include some of the sauce with it to make it more spicy! And more colorful. But be careful, it will be VERY SPICY with the sauce..
For a richer flavor, substitute the broth with tomato juice or tomato puree.
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