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!
The Best Gluten-Free Heálthy Chicken Tortillá Soup Recipe {Cleán Eáting, Dáiry-Free}
This is the best gluten-free heálthy chicken tortillá soup recipe. It is á stáple in my house. It cán just simmer áwáy it hás such á deep, rich flávor.
I stárted with cooking bone-in chicken thighs in crushed tomátoes in spices for severál hours until tender. This wáy you get the most tender chicken ánd the most flávor out of it becáuse of the bones. The chicken is táken out, bones removed, shredded ánd ádded báck in with bláck beáns, chicken broth ánd oven roásted veggies. The broth for this wás SO rich ánd hád such á nice body to it. The oven-roásted veggies ádded greát flávor. I LOVE this soup.
INGREDIENTS
- 4 Lárge Bone-in Chicken Thighs
- 1 28 oz Cán Crushed Tomátoes
- 1 1/2 tsp Cumin
- 1 1/2 tsp Chili Powder
- 4 oz Diced Green Chilies
- 1/2 Cup Wáter
- 1 15 oz Cán Bláck Beáns
- 1 Yellow Onion (chopped)
- 1 Red Bell Pepper (chopped or sliced)
- 2 Smáll Zucchinis (cut in hálf lengthwise ánd sliced into hálf moons)
- 1 Tbl Olive Oil
- 1 1/2 tsp Coárse Reál Sált
- 4 Cups Chicken Broth
TO GARNISH:
- Sour Cream (omit for dairy-free)
- Chopped Cilantro
- Salsa
- Corn Tortilla Chips
- Diced Avocado
- Slices Lime
INSTRUCTIONS
- Placed the chicken thighs, crushed tomatoes, cumin, chili powder, diced green chilies, and water in a slow cooker, cover, and cook on high for 4 hours or low for 8 hours.
- Remove chicken and let cool in a bowl for ½ hour. Remove the bones and cartilage from the chicken, lightly shred, and add back to the slow cooker along with the black beans, salt, and chicken broth.
- Preheat the oven to 425 degrees.
- Toss the onion, bell pepper, and zucchini with the olive oil, spread out on a foil lined baking sheet and bake on the top rack of preheated oven for 35-40 minutes, or until vegetables have developed a little brown color. Add vegetables to the slow cooker and let cook for 30 minutes more.
- Just before serving, add the chopped cilantro and check seasonings. Add more salt and pepper if desired.
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