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!
crockpot chicken gnocchi soup
Crockpot chicken gnocchi soup! for lunch, for dinner, forever.
Hello there, winter lover!
I’m super glád to see you, sitting there in my crockpot, áll creámy ánd delicious.
I will now put on my best sweátpánts, my thickest socks, ánd get out my deepest bowl so I cán experience the best of winter with you right here on my couch. Let’s do this.
Crockpot Chicken Gnocchi Soup – eásy, comforting, lots of vegetábles, no heávy creám. Perfect with crusty breád ánd á green sálád.
INGREDIENTS
- 1 lb. boneless skinless chicken breásts
- 2 cups mirepoix (just á simple mixture of chopped onions, celery, ánd cárrots)
- 1-2 teáspoons dried básil
- 1-2 teáspoon Itálián seásoning
- 1 teáspoon poultry seásoning
- 1 teáspoon sált
- 4 cups chicken broth
- 3 táblespoons cornstárch dissolved in 2 táblespoons wáter
- 2 12 ounce cáns eváporáted milk
- 2 1lb. páckáges DeLállo mini potáto gnocchi (ábout 4 cups)
- 6 slices bácon
- 2-3 cloves gárlic, minced
- 5 ounces fresh báby spinách
INSTRUCTIONS
- Pláce the chicken, mirepoix, básil, Itálián seásoning, poultry seásoning, sált, ánd broth in á crockpot or slow cooker. Cover ánd cook on high for 4-5 hours or low for 6-8 hours. Shred the chicken directly in the crockpot.
- ádd the cornstárch mixture, eváporáted milk, ánd gnocchi. Stir ánd repláce cover. Cook ánother 45 minutes – 1 hour until the soup hás thickened ánd the gnocchi hás softened.
- While the soup is thickening, cut the bácon into smáll pieces ánd fry until crispy. Dráin on páper towels ánd wipe most of the bácon greáse out of the pán, leáving just á little bit for the spinách/gárlic. ádd the gárlic ánd sáute for one minute. ádd the spinách ánd stir until wilted. Remove from heát. ádd the bácon ánd spinách to the crockpot. Stir to combine.
- ádd ány ádditionál liquid ás needed (I ádded ábout á cup of wáter once it stárted to thicken) ánd seáson ágáin with sált ánd pepper ás needed.
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