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!
Chicken Bacon Ranch Pull Apart Rolls
When you’re in the mood for something different for a grab-n-go for lunch or planning tasty game day eats these Chicken Bacon Ranch Pull Apart Rolls will fit the bill. Buttery rolls stuffed with chicken, bacon and cheese are drizzled with Ranch dressing then baked until they’re warm and gooey. They’re so very tasty and easy to prepare that they’re sure to become a family favorite.
I love having sons, they’re easy to please when it comes to meal planning. I learned rather quickly that whatever I plan to make there should be plenty of it. I’m delighted that they love leftovers and I never hear a complaint from them when we have a repeat dinner. I often try to reinvent leftovers a bit but, at times it’s an encore presentation of the original. That’s how these Chicken Bacon Ranch Pull Apart Rolls came to be using leftover roasted chicken. They enjoyed it so much that I began picking up deli chicken to make them as a grab-and-go meal. It worked like a charm and has now become one of our faves.
INGREDIENTS :
- 1/3 cup prepared Ranch salad dressing
- 1/2 cup butter
- 1 Tbsp chopped fresh chives
- 1 tsp garlic salt
- 1/2 tsp onion powder
- 2 Tbsp grated Parmesan cheese
- 1 15-oz packaged 12-count potato rolls (i.e. Martin's)
- 1 lb thinly sliced deli chicken
- 8 slices bacon cooked and crumbled
- 12 slices colby jack cheese
INTRUCTIONS :
- Preheat the oven to 350°F. Line a large baking sheet with parchment paper.
- Using a serrated knife cut through the middle of the potato rolls. Place the bottoms side by side on the pan. Set the tops aside.
- In a small saucepan over medium heat, melt together the softened butter, chives, garlic salt and onion powder.
- Brush the bottoms of the sliced rolls with about 1/3 of the seasoned butter.
- Layer 1/2 of the cheese on the bottom, then arrange the chicken and bacon crumbles over the cheese. Break cheese slices if needed to fit.
- Drizzle with Ranch dressing. Top with the final layer of cheese.
- Brush liberally with butter mixture. Place the tops on the cheese.
- Brush the remaining seasoned butter on top and sides. Sprinkle with grated Parmesan cheese.
- Cover loosely with foil. Bake covered for 20 minutes then uncover and bake for an additional 10 minutes or until the tops are lightly golden.
- Cut apart and serve immediately with additional Ranch dressing, if desired.
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