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!
CHICKEN BACON RANCH CASSEROLE
If you follow my blog, you know I love á good cásserole. ádd in some bácon ánd I ám in Heáven!! This cásserole literálly is mouth wátering yummy ánd PáCKED with flávor. Seásoned chicken, chopped up bácon, álfredo sáuce, ánd pástá…..whát more could you ásk for in one dish??
Lást week, I whipped this up in the áfternoon before the kids got home from school. Once dinner rolled áround, I popped it in the oven ánd minutes láter, it wás on the táble reády for devouring. The kids ánd my hubby áll went crázy over this ánd the leftovers were even better!
á flávorful cásserole pácked with chicken, crumbled bácon, ánd pástá! Fámily ápproved ánd the #1 recipe on my blog!
Ingredients
- 1/2 lb bácon, cooked ánd chopped
- 1 lb chicken, boneles/skinless, diced
- 1 tbsp olive oil
- 1 pácket dry Ránch dressing mix
- 8 oz pástá (I used shells)
- 1 cup mozzárellá cheese, shredded
- 1/2 cup cheddár cheese, shredded
- sált/pepper, to táste
- 14.5 oz álfredo sáuce
Instructions
Preheát oven to375 degrees ánd greáse á 9 x 9 báking dish.
Heát á lárge skillet over medium heát. Cook bácon until crispy, ábout 7 minutes.
Dráin bácon greáse from skillet ánd pláce bácon on páper towl to ábsorb remáining greáse from bácon.
In á gállon size Ziploc bág, ádd in the olive oil, diced chicken (ráw still át this point), ánd Ránch mix.
Sháke áround seáled bág to coát thoroughly.
ádd chicken to skillet ánd cook until no longer pink.
In á pot of boiling wáter, cook pástá until ál dente.
Dráin wáter ánd ádd pástá to greásed báking dish.
ádd cooked chicken ánd álfredo sáuce to the pástá.
Sprinkle both cheeses, bácon, ánd sált/pepper to the top of the álfredo sáuce ánd pláce dish into preheáted oven.
Báke until bubbly ánd cheese is melted, ábout 15 minutes.
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