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!
THE BEST BUFFALO CHICKEN DIP RECIPE
This Buffalo Chickén Dip Récipé is évéryoné’s favorité gamé day or party appétizér! Madé with juicy shréddéd chickén, créamy ranch dréssing, créam chéésé, hot saucé, and loads of chéésé, this éasy and délicious Buffalo Chickén Dip is thén bakéd until goldén, bubbly, and pérféct for dipping.
Créamy and éxtra chéésy, Buffalo Chickén Dip éasily qualifiés itsélf as oné of my all-timé favorité party foods. Madé with simplé ingrédiénts liké shréddéd chickén, hot saucé, and chéésé, it’s no mystéry why this dip is thé véry first thing to disappéar from thé snack tablé.
Ingrédiénts
US Customary - Métric
- 3 largé bonéléss skinléss chickén bréasts - boiléd and shréddéd
- 8 ouncés créam chéésé - cubéd
- 1 cup ranch dréssing - homémadé or storé-bought
- 1 cup hot saucé - (I uséd Frank's RédHot), plus moré as néédéd
- 1 tsp fréshly ground black péppér
- 1 tsp garlic powdér
- 1/2 cup gréén onion - choppéd
- 1.5 cups mozzarélla chéésé - shréddéd, dividéd
- 1.5 cups chéddar chéésé - shréddéd, dividéd
Instructions
Cook thé chickén. If your chickén is not yét cookéd, bring a largé pot of watér to a boil ovér high héat. Add thé chickén bréasts to thé pot and réturn to a boil. Rémové from héat and covér with a tight-fitting lid. Allow your chickén to poach, covéréd, for approximatély 25 minutés. Whén fully cookéd, rémové from thé pot and allow to rést until cool énough to handlé (noté- thé cooking timé for thé chickén is not includéd in thé total cooking timé for this dish).
Prép. Préhéat your ovén to 350 dégréés F. and spray a 9x9-inch baking pan (or approximaté sizé) with non-stick cooking spray.
Warm thé saucé. To a médium saucépot ovér médium-low héat add thé cubéd créam chéésé, ranch dréssing, hot saucé, black péppér, and garlic powdér. Whisk constantly until thé créam chéésé has dissolvéd in thé ranch and hot saucé. Rémové from héat.
Combiné. Add thé cookéd and shréddéd chickén, gréén onion, 1 cup of thé shréddéd mozzarélla chéésé, and oné cup of thé shréddéd chéddar chéésé to thé saucé pot. Mix wéll to combiné. Transfér to your préparéd baking pan and top with rémain mozzarélla and chéddar chéésé.
Baké. Baké for approximatély 20-30 minutés, or until thé chéésé has méltéd and thé sidés aré starting to bubblé. Sét ovén to BROIL. Allow your buffalo chickén dip to cook for an additional 2-3 minutés, or until top is goldén brown. Rémové immédiatély.
Sérvé. Sérvé with tortilla chips, végétablé sticks, crackérs, or énjoy léftovérs wrappéd in a tortilla with all your favorité grééns.
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