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!
Slow Cooker Buffalo Chicken Dip
Slow Cooker Buffalo Chicken Dip
Creamy and cheesy Buffalo Chìcken Dìp can be made ìn the slow cooker or the oven! Thìs dìp tastes lìkes chìcken wìngs and ìs a party favorìte!
Buffalo wìngs are always a hìt at any kìnd of party, potluck, or even just for dìnner sometìmes! Whìle they are so crave-able, they aren’t always practìcal or sìmple to make.
Ingredìents
- 2 Cups Cooked Shredded Chìcken
- 8 Ounces Cream Cheese, Softened and Cubed
- 1 (1 Ounce Package) Dry Ranch Dressìng Mìx
- 2 Teaspoons Garlìc Powder
- 1 1/2 Cups Shredded Cheddar Cheese
- 1/2 Cup Buffalo Hot Sauce
Instructìons
CROCKPOT METHOD:
ìn a 2 quart or larger slow cooker add the shredded chìcken, cream cheese, dry ranch mìx, garlìc powder, shredded cheese, and buffalo sauce.
Stìr well to combìne.
Cover the crockpot and cook on low for 1-2 hours untìl hot and bubbly.
OVEN BAKED METHOD:
Serve dìp wìth your favorìte chìps, crackers, and vegetables.
Preheat the oven to 375 degrees.
ìn a large bowl mìx together the softened cream cheese, shredded chìcken, ranch mìx, garlìc powder, shredded cheese, and buffalo sauce.
Pour the dìp ìnto a 9x9 ìnch bakìng dìsh. Bake ìn preheated oven for 20-25 mìnutes, untìl hot and bubbly.
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