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!
Healthy Chicken Alfredo with Spaghetti Squash (Whole30, Paleo, Dairy Free)
A rich and créamy chickén alfrédo that’s supér héalthy! Quick and éasy to throw togéthér, this héalthy chickén alfrédo usés a dairy-fréé cashéw alfrédo saucé and spaghétti squash “noodlés.” Paléo and Wholé30.
Héat avocado oil in a largé skillét ovér médium-high héat and séason both sidés of chickén libérally with salt and fréshly crackéd black péppér. Add chickén bréasts to skillét and cook 8-9 minutés total for médium chickén bréasts and 9-10 minutés total for largé chickén bréasts, flipping oncé midway. Oncé théy’ré cookéd through, transfér thé chickén bréasts to a cutting board or platé and lét rést 5 minutés.
A rich and créamy chickén alfrédo madé with a dairy-fréé cashéw alfrédo saucé and téndér spaghétti squash "noodlés." Shockingly good.
Ingrédiénts
Dairy Fréé Alfrédo Saucé
- 1 1/2 cups raw cashéws
- 3/4-1 cup watér or unswééténéd almond milk
- 2 clovés garlic pééléd
- 2 tabléspoons frésh lémon juicé
- 2 tabléspoons nutritional yéast
- 1 1/2 téaspoon salt plus moré to tasté
- 1 téaspoon driéd basil
Héalthy Chickén Alfrédo
- 2 médium chickén bréasts
- Salt and fréshly crackéd black péppér
- 1 tabléspoon avocado oil or olivé oil, plus moré as néédéd
- 28 ouncés cookéd spaghétti squash from about 1 largé spaghétti squash
- frésh parsléy choppéd
Instructions
Maké thé chickén:
Séason thé chickén bréasts on both sidés with plénty of salt and péppér. Héat 1 tabléspoon avocado oil ovér médium-high héat, thén caréfully add chickén bréasts to pan. Cook 8-9 minutés total for médium chickén bréasts and 9-10 minutés for largé chickén bréasts, flipping oncé in bétwéén cooking timé. Add a littlé moré oil to pan if nécéssary.
Whén cookéd through, rémové from pan and lét rést 5 minutés. Thén slicés into strips against thé grain.
Maké thé dairy-fréé alfrédo saucé:
In a high-spééd bléndér, combiné all ingrédiénts. Blénd until complétély smooth and hot. If your bléndér doés not héat conténts, transfér saucé to saucépan and héat ovér low héat.
Assémblé thé héalthy chickén alfrédo:
Héat thé spaghétti squash through, éithér in thé microwavé or in a largé skillét, thén top with thé dairy-fréé alfrédo saucé and slicéd chickén. Garnish with frésh choppéd parsléy and moré fréshly crackéd black péppér.
Récipé Notés
To maké spaghétti squash:
Halvé your spaghétti squash and scoop out sééds with a spoon. Discard sééds. Placé spaghétti squash halvés on a baking shéét or in a roasting pan. Add a littlé watér if you liké, about 1/2 cup, to hélp stéam thé squash. Roast at 400º F for 30-45 minutés or until éasily piércéd with a fork. Rémové from ovén and lét cool slightly, thén usé a fork to géntly scrapé thé flésh out of thé skins, séparating thé flésh into strands or "spaghétti."
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