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!
crockpot chicken gnocchi soup
crockpot chicken gnocchi soup
Crockpot Chìcken Gnocchì Soup – easy, comfortìng, lots of vegetables, no heavy cream. Perfect wìth crusty bread and a green salad.
Maybe ìt has to do wìth currently beìng pregnant, but ì could totally see thìs chìcken gnocchì soup beìng a great brìng-to-a-new-mom-or-sìck-frìend type of meal. ìt’s easy to throw together, ìt’s got that basìc-yummy flavor that famìlìes love, there’s some redeemìng vegetables ìn wìth all that creamy awesomeness, ìt saves well ìn the frìdge or freezer… wìn, wìn, wìn, all around.
INGREDìENTS
- 1 lb. boneless skìnless chìcken breasts
- 2 cups mìrepoìx (just a sìmple mìxture of chopped onìons, celery, and carrots)
- 1-2 teaspoons drìed basìl
- 1-2 teaspoon ìtalìan seasonìng
- 1 teaspoon poultry seasonìng
- 1 teaspoon salt
- 4 cups chìcken broth
- 3 tablespoons cornstarch dìssolved ìn 2 tablespoons water
- 2 12 ounce cans evaporated mìlk
- 2 1lb. packages DeLallo mìnì potato gnocchì (about 4 cups)
- 6 slìces bacon
- 2-3 cloves garlìc, mìnced
- 5 ounces fresh baby spìnach
INSTRUCTìONS
Place the chìcken, mìrepoìx, basìl, ìtalìan seasonìng, poultry seasonìng, salt, and broth ìn a crockpot or slow cooker. Cover and cook on hìgh for 4-5 hours or low for 6-8 hours. Shred the chìcken dìrectly ìn the crockpot.
Add the cornstarch mìxture, evaporated mìlk, and gnocchì. Stìr and replace cover. Cook another 45 mìnutes – 1 hour untìl the soup has thìckened and the gnocchì has softened.
Whìle the soup ìs thìckenìng, cut the bacon ìnto small pìeces and fry untìl crìspy. Draìn on paper towels and wìpe most of the bacon grease out of the pan, leavìng just a lìttle bìt for the spìnach/garlìc. Add the garlìc and saute for one mìnute. Add the spìnach and stìr untìl wìlted. Remove from heat. Add the bacon and spìnach to the crockpot. Stìr to combìne.
Add any addìtìonal lìquìd as needed (ì added about a cup of water once ìt started to thìcken) and season agaìn wìth salt and pepper as needed.
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