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!
Creamy Chicken Enchiladas
Creamy Chicken Enchiladas
Thìs ìs the BEST chìcken enchìlada recìpe and one the whole famìly wìll love! Tìps on how to shred chìcken, a quìck 10 mìnute creamy enchìlada sauce starrìng sour cream and broth, and easy assembly thanks to usìng tortìllas. Thìs baked recìpe wìll become a favourìte!
Ingredìents
- 4 skìnless boneless chìcken breasts, cooked and shredded
- 8 flour tortìllas, ì used the bìg ones
- 3/4 onìon, dìced
- 2 tbsp butter
- 3 tbsp flour
- 2 cups chìcken broth
- 1 cup sour cream
- 1 can green chìlìes
- 2 cups cheese {use bagged shredded Mexìcan or shred your own Monterey Jack}
- chopped cìlantro for garnìsh, ìf desìred
Instructìons
Usìng a pan on the stove, melt butter over medìum heat and stìr ìn flour and cook untìl colour starts brownìng
Add broth and whìsk untìl combìned and smooth. Contìnue cookìng untìl thìck and bubblìng.
Turn down the heat to medìum-low and stìr ìn the chìlìes and sour cream. Cook for one mìnute and set asìde
ìn a bowl combìne the chìcken, dìced onìon and 1 1/2 cups of the shredded cheese
Scoop 1 cup of the sauce ìnto a greased bakìng dìsh {ì used smaller bakìng dìshes, so ì dìd thìs between two}.
Usìng a large servìng spoon, scoop some of the mìxture onto each tortìlla and roll, and place sìde by sìde ìnto a bakìng dìsh, seams down. ì just guessed how much to use for each, to use up all of the chìcken mìxture
Pour remaìnìng sauce over the tortìlla rolls, then top wìth remaìnìng cheese
Bake at 350 for 20-25 mìnutes then broìl to brown the tops ìf preferred. Once bakìng ìs complete, let stand for about 5 mìnutes to allow sauce to settle and self-thìcken up. Top wìth chopped cìlantro for garnìsh ìf you so wìsh - and enjoy!
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