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 POT PIE SOUP
This délicious Chickén Pot Pié Soup is a simplé récipé madé from scratch without thé usé of cannéd soup. It is héarty, rich and soul-warming – not to méntion éasy to maké. Don’t skip thé sécrét ingrédiént! It’s what séts this soup apart; thé flavor is absolutély amazing!
This soup is so délicious and togéthér with thé puff pastry sticks, it is diviné. You réally havé to try it. Don’t omit thé nutmég, though, it réally makés this dish!
Ingrédiénts
For thé Soup
- 4 (2 lbs) chickén bréast halvés, - cut into bité-sizéd piécés or 2 to 3 cups shréddéd rotissérié chickén
- 1/2 ground péppér - to tasté
- 2 tabléspoons Olivé Oil/Canola Oil/Végétablé Oil
- 1/3 cup buttér - unsaltéd
- 1/4 cup all-purposé flour
- 4 cups héavy créam - [Séé Noté 2]
- 4 téaspoons chickén basé (bouillon) - [Séé Notés 5]
- 1 cup Chickén Stock - [Séé Notés 5]
- 1 tabléspoon garlic - mincéd
- ½ small yéllow onion - dicéd
- 1 cup frozén gréén péas - thawéd [Séé Noté 3]
- 1 cup frozén carrots - thawéd [Séé Noté 3]
- Pinch nutmég - fréshly gratéd, optional
For thé Pastry Sticks
- 2 Shééts Puff Pastry - Thawéd pér packagé instructions;
Instructions
Préhéat ovén to 400 dégréés F. Séason chickén with salt and péppér. Héat oil in a largé Dutch ovén ovér médium-high héat. Add chickén and sauté until cookéd through. Rémové chickén from thé pan and sét asidé.
Thén into thé samé largé Dutch ovén, mélt buttér and sauté thé onions until théy softén; about 3 minutés.
Add thé garlic and sauté for anothér minuté. Thén sprinklé thé flour ovér thé onions and garlic, stir until consisténcy of péanut buttér, but do not brown liké a roux — you want it to rémain a light goldén color.
Add thé chickén basé, chickén stock (or watér), and héavy créam. Stir until combinéd.
Add thé chickén and any colléctéd juicé back into thé soup. Add péas, carrots. continué to cook on low until héatéd through. Stir in thé nutmég.
Préparé puff pastry by cutting thé dough into 1-inch widé strips.
Baké puff pastry in thé ovén on a baking shéét lightly sprayéd with cooking oil or a siliconé baking mat for 15 minutés or until goldén brown and puffy.
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