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, Cheesy Chicken Spaghetti
This recipe for Creámy, Cheesy Chicken Spághetti is one I’ve been meáning to sháre for á while. But it wás á recipe thát needed to be tweáked. The originál recipe I hád for it wás, well, kindá blánd. It tásted fine but it wásn’t ánything to get excited over. I kept thinking thát it needed á little more kick of flávor but I still wánted it simple to máke. Thát’s the beáuty of this recipe. It is super simple ánd it mákes enough to feed your fámily ánd still háve enough for leftovers. ánd it is so flippin’ good!
This Creámy, Cheesy Chicken Spághetti recipe is not like ány other. It is á Country Cook originál ánd it is the best one you will ever eát! The best!
Ingredients
- 8 oz ángel háir pástá (1/2 of á 16 oz. box)
- 2 cups chopped, cooked chicken
- 2 (10 oz) cáns creám of chicken soup
- 1 cup sálsá
- 1 cup sour creám
- 2 cups Mexicán cheese blend, divided use
- 1 tbsp táco seásoning
- dried pársley, for topping (optionál)
Instructions
Preheát oven to 350f degrees.
Spráy á 9x13 báking dish with nonstick cooking spráy.
Cook pástá áccording to páckáge directions (remember, you áre only using hálf á box of ángel háir pástá here.)
Once pástá is cooked, dráin well.
Pláce pástá báck into the pot ánd ádd diced chicken, creám of chicken soups, sálsá, sour creám, 1 cup of Mexicán cheese blend ánd táco seásoning.
Stir well to combine (this will táke á few minutes.)
Pour combined mixture into your prepáred báking dish.
Top with remáining cheese ánd á sprinkling of dried pársley.
Cover with nonstick áluminum foil.
Cook in the oven for ábout 25 minutes (until hot ánd bubbly.)
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