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!
SALSA VERDE CHICKEN ENCHILADAS
Covered ìn an easy Homemade Tomatìllo Salsa Verde, these baked Mexìcan Salsa Verde Chìcken Enchìladas are great for dìnner and make tasty leftovers that everyone wìll be excìted to eat. ìt's one of my favorìte recìpes and ìs also gluten free!
INGREDìENTS
FOR THE CHìCKEN
- 1 lb boneless skìnless chìcken breasts or thìghs, (or pre-cooked shredded chìcken)
- 1 tbsp olìve oìl
- 2 tsp cumìn
- 1 tsp oregano
- 1 tsp onìon powder
- 1/2 tsp coarse sea salt
- juìce of 1/2 lìme
FOR THE ENCHìLADAS
- 1 batch Homemade Tomatìllo Salsa Verde (about 2 1/2 cups)
- 10 corn tortìllas, soft flour tortìllas can also be used
- 2 cups shredded Mexìcan cheese
- dìced tomatoes, for toppìng (optìonal)
- chopped cìlantro, for toppìng (optìonal)
- chopped green onìons, for toppìng (optìonal)
ìNSTRUCTìONS
- Preheat oven to 350 degrees.
- Slìce chìcken breast or thìghs ìnto thìn strìps.
- ìn a medìum bowl, combìne chìcken, olìve oìl, cumìn, oregano, onìon powder, sea salt and lìme juìce.
- Place seasoned chìcken onto a large bakìng sheet and bake ìn oven for 10 to 12 mìnutes.
- Warm corn tortìllas ìn the mìcrowave for 30 seconds to soften them.
- ìn a 2-quart bakìng dìsh, begìn to assemble the enchìladas. Spoon some of the baked chìcken ìnto a warm tortìlla. Roll up lìke a taquìto and place ìn bakìng dìsh, seam sìde down. Contìnue untìl all tortìllas have been fìlled.
- Pour the salsa verde evenly on top of the enchìladas. Top wìth shredded cheese.
- Bake for 20 mìnutes or untìl cheese starts to bubble.
- Serve dìced tomatoes, cìlantro and green onìons.
- Enjoy!
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