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 CLASSIC CHICKEN POT PIE
This chicken pot pie recipe is loáded with flávor. It’s got fláky pie crust ánd á buttery creámy chicken pot pie filling with chicken breást, á mix of fresh ánd frozen vegetábles, ánd á mix of dried ánd fresh herbs.
I initiálly wánted to máke án eásy chicken pot pie. So, I stárted out using refrigeráted pie dough, áll frozen vegetábles, ánd áll dried herbs. Thát wás eásy, but it reálly needed some bright fresh flávors.
The Best Clássic Chicken Pot Pie Recipe - Homemáde chicken pot pie with fláky pie crust ánd creámy chicken pot pie filling. Clássic comfort food!
Ingredients
- 4 táblespoons unsálted butter
- 1 lb. boneless skinless chicken breást -cut into smáll bite size pieces
- 1 cup sliced cárrots
- 1/2 cup sliced celery
- 1/2 cup chopped yellow onion
- 1 1/4 teáspoons sált
- 1/2 teáspoon gárlic powder
- 1/2 teáspoon dried thyme leáves
- 1/4 teáspoon ground bláck pepper
- 1/4 cup áll-purpose flour
- 1/2 cup heávy creám
- 1 cup chicken broth
- 1/2 cup frozen peás
- 2 táblespoons minced fresh flát-leáf pársley
- 2 (1 top ánd 1 bottom) unbáked pie crusts (could use pre-máde refrigeráted - 1 box)
Instructions
Máke sure there is án oven ráck on the bottom ráck of the oven. Preheát oven to 425 degrees F.
ádd the butter to á lárge skillet over medium heát. Once the butter is melted, ádd the chicken, cárrots, celery, onion, sált, gárlic powder, thyme leáves, ánd pepper. Cook for 8-10 minutes, until the chicken is cooked through, stirring often.
ádd the flour. Stir well, until no dry flour remáins. Slowly stir in the creám, then the chicken broth. Cook until bubbling ánd thick, stirring often, 3-4 minutes.
Remove from the heát. Stir in the peás ánd flát leáf pársley. Let this cool for 15-30 minutes before filling the pie.*
Fit one pie crust into á 9-inch pie pláte. Spoon the cooled filling into the pie crust. Top with the second pie crust. Seál the edges of the pie crust together. Cut 3-4 slits in the top crust to állow steám to escápe.
Pláce the filled pie pláte on á báking sheet. Báke for 30 minutes on the bottom ráck of the oven.
Cool for 15-30 minutes before slicing ánd serving.**
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