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 and Dumpling Casserole
Although the first day of spring has come and gone, it’s been chilly and blustery here in Kansas, so I thought I’d share this warm and delicious casserole for everyone that’s still eagerly awaiting spring before it’s hot and sweltering and nobody wants to bake a casserole. This is pure comfort food and perfect to warm the soul on a chilly day. It’s very quick and simple to make, which is good if you have a baby that has decided that if you aren’t holding him or playing with him or taking him on a stroller ride, he isn’t happy, because you won’t have to listen to him scream for very long before dinner is in the oven. ;)
INGREDIENTS:
- 3 – 4 cups cooked chicken, cut into bite sized pieces (use rotisserie chicken if desired)
- 4 tablespoons butter
- 1 cup milk
- 1 cup all-purpose flour
- 1 1/4 teaspoons baking powder
- 1/4 teaspoon salt
- 2 cups chicken broth
- 1 (10.75 oz) can cream of chicken soup
Ingredients:
- Preheat oven to 400F. Place butter in 9″ X 13″ baking dish and place in oven while it’s preheating. Once butter is melted, you can remove the pan to continue with the recipe, or let it cook a little to brown it and add an extra dimension of flavor. Be sure to watch it if you decide to let it brown because it can go from nutty to burnt pretty quickly.
- Remove pan from the oven and sprinkle prepared chicken over the top of the butter. In a medium bowl, whisk together milk, flour, baking powder and salt. Pour over the chicken, but do not stir. In same bowl, after scraping out as much flour mixture as possible, whisk together chicken broth and cream of chicken soup. Pour that over top of casserole; do not stir.
- Bake uncovered for 35 – 45 minutes. When done, the top will be beautifully browned and bubbly around the edges.
- Yield: about 6 servings
- Veronica’s notes: I boiled a whole chicken for this recipe. It was about 5 lbs and I covered it with water in a stock pot and added a teaspoon of salt, boiling for an hour or two. I forgot to set the timer so I really don’t know how long I boiled it because I was so busy with the baby- lol. If you make it this way, it’s very economical, and you automatically make your own broth to use in the recipe.
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