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 Fajita Pasta
This Chicken Fajita Pasta is the perfect quick and easy weeknight dinner recipe. Everything cooks in one pot and is done in 15 minutes. The whole family will love this Chicken Fajita Pasta!
This Chicken Fajita Pasta is the perfect quick and easy weeknight dinner recipe. Everything cooks in one pot and is done in 15 minutes. The whole family will love this Chicken Fajita Pasta!
I am using our favorite homemade taco seasoning from Picky Palate here. I have been making it for years, and Kevin LOVES it. He can totally tell the difference when I use store-bought or this homemade version, and he always gives tons of extra compliments when I use the homemade version. I finally made a big batch of it so I’ll always have it on hand. It fits perfectly in an 8oz mason jar in pantry. It’s so easy to make (only 5 ingredients) and super easy to grab and use whenever I need it! You can get the recipe for this homemade taco seasoning on Picky Palate today!
INGREDIENTS :
- 2 cups diced bell peppers (2–3 bell peppers)
- 3–4 cloves garlic, minced
- 2 cups low-sodium chicken broth
- 1/2 cup heavy cream
- 1 (10-oz) can Ro-Tel Diced Tomatoes and Green Chiles
- 8 oz (about 3 cups) penne pasta
- 1/2 teaspoon salt
- 2 tablespoons olive oil
- 1 pound boneless, skinless chicken breasts
- 1 envelope (3 tablespoons) taco or fajita seasoning (I use this Homemade Taco Seasoning)
- 2 cups diced onion (about 1 whole onion)
INTRUCTIONS :
- Cut the chicken into bite-sized pieces. Season with half of taco seasoning. In a 12-inch skillet, heat 1 tablespoon olive oil over high heat. When the oil is very hot, carefully add the chicken in a single layer and cook without stirring until one side is seared and browned, about 1-2 minutes. Flip the chicken to the other side and cook until browned. Remove the chicken to a plate and set aside.
- Add the remaining 1 tablespoon of olive oil to the skillet with the heat still on high. When the oil is very hot again, add the onions, bell peppers, and remaining taco seasoning. Cook, stirring occasionally, until the veggies are slightly blackened. Turn heat to low, add minced garlic, and stir until fragrant and well combined, about 30 seconds. Remove the veggies to the plate with the chicken.
- In the same skillet, add the broth, cream, diced tomatoes, uncooked pasta, and salt. Stir to combine and bring to a boil, then cover, reduce heat to medium-low, and cook for 15 minutes until pasta is tender and liquid is mostly absorbed. Add the chicken and veggies back into the skillet and stir to combine until heated through, about 2 minutes. Serve with buttery garlic bread and enjoy!
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