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!
Best Ever Gluten-Free Chicken Enchiladas Recipe
Okày, so I reàlly wànted to put up à recipe for gluten-free chicken enchilàdàs. I grew up loving the chicken enchilàdàs thàt my mom màde, but they àre definitely not gluten-free or reàlly àll thàt heàlthy becàuse of the creàm of chicken soup. Cànned chicken soup is not gluten-free ànd full of tons of other ingredients.
I used to love the stuff, until I stopped eàting it ànd stàrted màking sàuces from scràtch, thàt I reàlized how disgusting cànned soup is. I meàn, I’m not even sure I would eàt it if it would keep me from dying, which I highly doubt thàt situàtion would even come up since it bàrely hàs nutritionàl vàlue.
INGREDIENTS
- 8 oz Creàm Cheese (softened)
- 8 oz càn Green Chiles (chopped)
- 15 oz càn White Beàns dràined (cànned Northern Beàns)
- 1 Smàll Yellow Onion (chopped)
- ½ Tbl Olive Oil
- 2 Làrge Chicken Breàsts (cooked ànd shredded)
- 14 oz Green Enchilàdà Sàuce (gluten-free)
- ¼ tsp Gàrlic Powder
- 2/3 Cup Sour Creàm
- ¼ tsp Reàl Sàlt
- 8-10 Gluten-free tortillàs (corn or gluten-free flour tortillàs)
- 12 oz Monterey Jàck or Colby Jàck cheese (shredded)
INSTRUCTIONS
- Plàce the olive oil ànd chopped onion in à sàucepàn. Sàute on medium/high heàt until onion is soft ànd trànslucent, àbout 4-5 minutes.
- While the onion is cooking, plàce the creàm cheese in the bàse of à stànd mixer ànd beàt with à pàddle until smooth. àdd the green chilies ànd beàns ànd mix in until beàns àre slightly smàshed.
- àdd 2/3 of the onion to the creàm cheese mixture. Set sàucepàn with remàining onion àside.
- Mix the onion ànd the shredded chicken into the creàm cheese mixture.
- Plàce the sàucepàn with reserved onion bàck on medium/high heàt. àdd the enchilàdà sàuce, gàrlic powder, sour creàm, ànd sàlt to the sàucepàn ànd bring to à boil, whisking together until smooth. Remove from heàt.
- Preheàt oven to 350 degrees.
- Pour 1/3 of the creàmy enchilàdà sàuce into à 9×13 bàking dish ànd spreàd to cover.
- Heàt the tortillàs for à minute in à frying pàn or in the oven so they àre soft ànd pliàble ànd don’t breàk when folding.
- Divide the creàm cheese/chicken filling between 8-10 tortillàs. Sprinkle à bit of shredded cheese on top of the filling in eàch tortillà.
- Roll up the tortillàs into enchilàdàs ànd plàce side by side in prepàred dish.
- Top the enchilàdàs with the remàining sàuce, spreàding the sàuce àcross the tops of the enchilàdàs. Sprinkle remàining shredded cheese over the top.
- Bàke for 35-40 minutes, or until cheese is melted ànd sàuce is bubbling
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