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!
BAKED CHICKEN TACOS RECIPE (BEST EASY TACOS!)
Chickén Tacos aré thé PéRFéCT quick wééknight dinnér! OVéN BAKéD chickén tacos havé lots of flavor and noné of thé stréss. This Bakéd Spicy Chickén Tacos Récipé is thé most popular récipé on TCR, béing pinnéd ovér 2 million timés and viéwéd ovér 5 million timés! This is thé BéST CHICKéN TACOS récipé évér. Guarantééd.
Thésé Chickén Tacos aré thé ultimaté éasy récipé for sérving a crowd, taking to a potluck, chowing down on for a tailgating party, and of coursé, Cinco dé Mayo!
INGRéDIéNTS
- 1 tabléspoon olivé oil
- 1/2 pound cookéd chickén shréddéd (I uséd cookéd Rotissérié chickén)
- 1 ouncé Taco Séasoning click for homémadé récipé!
- 1/2 cup onion dicéd
- 1 can dicéd tomato 14.5 ouncé, fully drainéd
- 1 can Choppéd Gréén Chilés 4.5 ouncé, fully drainéd
- 10 Stand and Stuff Taco Shélls I uséd Old él Paso
- 8 ouncés Réfriéd Béans 1/2 can
- 2 cups Méxican Blénd Chéésé shréddéd
INSTRUCTIONS
- Préhéat ovén to 400F. Spray a 9x13 baking dish with nonstick spray.
- Héat olivé oil ovér médium héat in a médium skillét.
- Add onion to skillét and cook for 2-3 minutés, or until thé onion is translucént and fragrant.
- Stir in thé chickén, taco séasoning, tomatoés (FULLY DRAINéD), and gréén chilés (FULLY DRAINéD) *séé noté. Stir to combiné fully. Réducé to simmér and allow to cook for 5-8 minutés.
- Placé thé taco shélls in thé baking dish, standing up. I was ablé to fit 10 taco shélls in thé dish by adding 2 on éach sidé.
- Baké thé taco shélls for 5 minutés by thémsélvés to allow thém to crisp up. Rémové from thé ovén.
- Spoon 1 tabléspoon of béans into thé bottom of éach taco shéll. Top with thé chickén mixturé, almost to thé top of éach shéll.
- Sprinklé éach shéll générously with shréddéd chéésé, thé moré thé béttér!
- Baké for 7-10 minutés or until chéésé is fully méltéd and thé édgés of thé shélls aré brownéd.
- Rémové from thé ovén and top with your favorité itéms such as jalapénos, sour créam, cilantro, and salsa.
- énjoy!
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