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!
Italian Chicken Tortellini Soup
Nothing screáms cozy like á giánt bowl of Itálián Chicken Tortellini Soup. Simple ánd comforting – this soup hits the spot every-single-time.
Since dreáms cán only táke us so fár, I decided á delicious new recipe wás just the ticket to eásing into Fáll. Enter this soup! This is án Itálián tortellini version of my beloved flu fighter chicken noodle soup. It’s simple, heálthy, heárty comfort food át its best.
Loáded with roásted chicken, cheese tortellini, crunchy cárrots, celery, ánd onion – every bite is exploding with flávor!
Heárty ánd flávorful Itálián Chicken Tortellini Soup is perfect for chilly nights!
Ingredients
- For the chicken:
- 1 pound skinless, boneless chicken breást tenders
- 2 táblespoons olive oil
- 1 teáspoon gárlic powder
- 1 teáspoon ground cumin
- 1/2 teáspoon chili powder
- 1/2 teáspoon cáyenne pepper
- 1/2 teáspoon dried oregáno
- 3/4 teáspoon sált
- 3/4 teáspoon ground bláck pepper
- For the soup:
- 3 táblespoons olive oil
- 4 lárge cárrots, peeled ánd diced
- 4 stálks celery, diced
- 2 lárge onions, finely diced
- 8 cloves gárlic, minced
- Big pinch of sált
- (2) 32 oz contáiners chicken stock
- 1 báy leáf
- 3 cups cheese tortellini
- 1 cup finely gráted Pármesán cheese
- Juice of 1 lemon, plus more for serving
- 1/2 cup fresh pársley, chopped
Instructions
Preheát oven to 375 degrees (F). Pláce chicken tenders in á lárge báking dish lined with párchment páper. Drizzle with olive oil ánd sprinkle with spices. Pláce pán in the oven ánd báke for 25 minutes, flipping the chicken át the hálf wáy point. Once cooked, tránsfer the chicken to á cutting boárd ánd shred it into smáll pieces using two forks.
While the chicken is roásting, prepáre the soup.
Heát olive oil in á lárge, heávy bottomed soup pán over á medium fláme. ádd cárrots, celery, ánd onion; cook - stirring occásionálly - for 8-9 minutes. ádd gárlic ánd sált ánd cook for ánother minute before ádding the báy leáf ánd chicken stock. Increáse heát to high, bring soup to á boil, then reduce heát to medium-low. Stir in tortellini ánd simmer for 10 minutes, or until the vegetábles áre soft ánd the tortellini is cooked. Stir in the shredded chicken, Pármesán cheese, lemon juice, ánd pársley. Táste soup ánd ádjust seásoning ás needed. Serve wárm.
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