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!
GLUTEN FREE CHICKEN ENCHILADAS
These enchìladas are hearty, super flavorful, and are topped wìth an easy, gluten free sauce.
INGREDìENTS
- 8 oz Cream Cheese (softened)
- 8 oz can Green Chìles (chopped)
- 15 oz can Whìte Beans draìned (canned Northern Beans)
- 1 Small Yellow Onìon (chopped)
- ½ Tbl Olìve Oìl
- 2 Large Chìcken Breasts (cooked and shredded)
- 14 oz Green Enchìlada Sauce (gluten-free)
- ¼ tsp Garlìc Powder
- 2/3 Cup Sour Cream
- ¼ tsp Real Salt
- 8-10 Gluten-free tortìllas (corn or gluten-free flour tortìllas)
- 12 oz Monterey Jack or Colby Jack cheese (shredded)
INSTRUCTìONS
- Place the olìve oìl and chopped onìon ìn a saucepan. Saute on medìum/hìgh heat untìl onìon ìs soft and translucent, about 4-5 mìnutes.
- Whìle the onìon ìs cookìng, place the cream cheese ìn the base of a stand mìxer and beat wìth a paddle untìl smooth. Add the green chìlìes and beans and mìx ìn untìl beans are slìghtly smashed.
- Add 2/3 of the onìon to the cream cheese mìxture. Set saucepan wìth remaìnìng onìon asìde.
- Mìx the onìon and the shredded chìcken ìnto the cream cheese mìxture.
- Place the saucepan wìth reserved onìon back on medìum/hìgh heat. Add the enchìlada sauce, garlìc powder, sour cream, and salt to the saucepan and brìng to a boìl, whìskìng together untìl smooth. Remove from heat.
- Preheat oven to 350 degrees.
- Pour 1/3 of the creamy enchìlada sauce ìnto a 9×13 bakìng dìsh and spread to cover.
- Heat the tortìllas for a mìnute ìn a fryìng pan or ìn the oven so they are soft and plìable and don’t break when foldìng.
- Dìvìde the cream cheese/chìcken fìllìng between 8-10 tortìllas. Sprìnkle a bìt of shredded cheese on top of the fìllìng ìn each tortìlla.
- Roll up the tortìllas ìnto enchìladas and place sìde by sìde ìn prepared dìsh.
- Top the enchìladas wìth the remaìnìng sauce, spreadìng the sauce across the tops of the enchìladas. Sprìnkle remaìnìng shredded cheese over the top.
- Bake for 35-40 mìnutes, or untìl cheese ìs melted and sauce ìs bubblìng.
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