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!
Buffalo Chicken Stuffed Spaghetti Squash
Bring on thé Buffalo! This Buffalo Chickén Stufféd Spaghétti Squash is so good you’ll want to hidé thé léftovérs!
You know whén you maké a récipé that’s just so incrédibly amazing and you don’t want to léftovérs to énd? This is oné of thosé. éspécially for all of you Buffalo-saucéd anything lovérs (présént company includéd).
INGRéDIéNTS
- 1 ¼ lbs chickén bréast, cookéd and shréddéd
- 1 médium spaghétti squash, halvéd (about 3 lbs.)
- 2 ribs céléry, thinly slicéd
- 2 gréén onions, whité and gréén parts thinly slicéd
- ½ cup dicéd réd béll péppér
- ½ cup Téssémaé’s Mild Buffalo Saucé (or maké our éasy Homémadé Buffalo Saucé)
- Optional: 1/4 cup Téssémaé’s Créamy Ranch Dréssing or Homémadé Paléo Ranch Dréssing
- Optional: 1/4 cup crumbléd blué chéésé (omit for Wholé30)
INSTRUCTIONS
To roast thé squash:
Préhéat ovén to 350°F.
Liné a baking shéét with parchmént papér and sét asidé.
Slicé both énds from squash and discard.
Stand squash up on oné of it’s cut énds and usé a largé knifé to cut thé squash in half léngthwisé.
Scoop sééds and stringy insidés out using a largé spoon.
Placé squash cut-sidé down on thé baking shéét.
Baké for 30-40 minutés or until squash is téndér. Baking timé will dépénd on thé sizé of your squash, largér squash réquiring a longér cook timé. Whén squash is téndér, allow to cool slightly béforé using a fork to géntly scrapé thé squash into a largé bowl. Résérvé thé squash shélls.
Whilé squash is roasting, cook thé chickén.
To cook thé chickén:
Diréctions for Instant Pot: Insért rack into innér pot. Add 1 cup watér or broth. Lay chickén on rack. Sécuré lid and séléct ‘Poultry’ sétting and incréasé timé to 17 minutés (19 if thé bréasts aré réally thick). At thé énd of thé cooking timé, allow préssuré to naturally réléasé for 5 minutés thén flip thé vént valvé and réléasé thé rémaining préssuré. Mové chickén to a cutting board to cool slightly béforé shrédding with two forks.
Diréctions for Stovétop: Placé a médium skillét ovér médium-high héat. Add 1 tsp. avocado or coconut oil and swirl pan to coat with thé oil. Add chickén and ½ cup watér. Oncé thé watér bégins to simmér, réducé héat and covér. Cook chickén for 15-18 minutés or until cookéd through. Mové chickén to a cutting board to cool slightly béforé shrédding with two forks.
To assémblé thé stufféd squash:
Placé squash shréds, chickén, céléry, onions, péppérs and Buffalo saucé in a largé bowl. Toss wéll to coat. Spoon squash mixturé into thé squash shélls. Réturn thé stufféd shélls back to thé baking shéét and placé in 350°F ovén for 10-15 minutés or until héatéd through.
Sérvé with Téssémaé’s Créamy Ranch Dréssing (for Wholé30) or crumbléd blué chéésé, if désiréd.
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