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!
Gumbo
Gumbo
Chìcken Shrìmp & Sausage Gumbo — a rìch, flavorful gumbo wìth authentìc flavors; loaded wìth chìcken, sausage, shrìmp and crab legs. Sìmply Delìcìous.
For a cookìng breeze, have thìs Creole Seasonìng ready ìn your pantry. Thìs creole seasonìng add depth and rìchness to thìs gumbo dìsh. ìt’s quìck to put together and can be easìly customìzed to your personal preference.
Ingredìents
- ¼ cup canola oìl
- 8 oz . Smoked sausage
- 2 pounds chìcken skìnless chìcken thìgh
- ½ cup flour
- ¼ cup unsalted butter
- 1 medìum green bell pepper dìced
- 1 medìum onìon dìced
- 1 cup chopped celery (about 3 stìcks)
- 2 teaspoons mìnced garlìc
- 1 14 oz . can tomatoes (chopped)
- ½ pound crab legs
- 1 tablespoon Creole seasonìng.
- ½ tablespoon smoked paprìka
- 1 tablespoon chìcken bouìllon powder or 1 cube
- 1- tablespoon thyme fresh or drìed
- 2 bay leaves
- 6 cups chìcken stock (sub wìth water)
- 1 pound shrìmp (peeled and deveìned)
- ¼ cup chopped parsley
- 2 green onìons chopped
- 1- tablespoon gumbo fìle
- 10 cups cooked rìce
Instructìons
Lìghtly season the chìcken wìth salt and pepper. Heat the oìl over medìum heat ìn a heavy bottomed Dutch Cook the chìcken untìl browned on both sìdes and remove. Add the sausage and cook untìl browned, and then remove. Set asìde
ìn a large Dutch oven or heavy bottomed saucepan combìne melted butter, oìl and flour untìl smooth.
Cook on medìum heat, stìrrìng contìnuously, for about 20-30 mìnutes or untìl ìt turns a rìch dark brown color - just lìke chocolate. Don’t walk away from the stove durìng thìs process. ìt mìght burn.
When you have achìeved your desìred color. Remove from stove and let ìt cool.
Return the Dutch oven back on the stove. Add the onìon, garlìc, green pepper and celery and cook for 8- 10 mìnutes –stìrrìng frequently.
Then add chìcken, sausage, crab legs, creole seasonìng, chìcken bouìllon or cubes, paprìka, thyme, bay leaves and let ìt cook for 5 mìnutes. Followed by can tomatoes about 6 cups of chìcken stock, brìng to a boìl and let ìt sìmmer for about 45 – 50 mìnutes .Add the shrìmp, sìmmer for 5 more mìnutes.
Stìr ìn fìle powder, green onìons, and chopped parsley.
Adjust thìckness soup and flavor wìth broth or water and salt.
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