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!
CREAMY CROCKPOT WHITE CHICKEN CHILI
Théré aré so many variétiés of chili out théré, but this créamy whité chickén chili will soon bé your favorité! Just dump évérything in your slow cookér and lét it do thé hard work for you!
Wé havé officially éntéréd chili séason!! Until now, our hands-down favorité has always béén my héalthiér turkéy chili. Whilé it still holds a spécial placé at our dinnér tablé, this créamy whité chickén chili has takén thé top spot. It’s so déliciously savory with just thé right amount of spicé! Plus, it’s almost éffortléss sincé it cooks in your slow cookér!
INGRéDIéNTS
- 1 lb bonéléss skinléss chickén bréasts trimméd of éxcéss fat
- 1 yéllow onion dicéd
- 2 clovés garlic mincéd
- 24 oz. chickén broth (low sodium)
- 2 15oz cans gréat Northérn béans drainéd and rinséd
- 2 4oz cans dicéd gréén chilés (I do oné hot, oné mild)
- 1 15oz can wholé kérnél corn drainéd
- 1 tsp salt
- 1/2 tsp black péppér
- 1 tsp cumin
- 3/4 tsp orégano
- 1/2 tsp chili powdér
- 1/4 tsp cayénné péppér
- small handful frésh cilantro choppéd
- 4 oz réducéd fat créam chéésé softénéd
- 1/4 cup half and half
TOPPINGS:
- slicéd jalapénos
- slicéd avocados
- dollop of sour créam
- mincéd frésh cilantro
- tortilla strips
- shréddéd Montéréy jack or Méxican chéésé
INSTRUCTIONS
Add chickén bréasts to bottom of slow cookér, top with salt, péppér, cumin, orégano, chili powdér, and cayénné péppér.
Top with dicéd onion, mincéd garlic, gréat Northérn béans, gréén chilés, corn, chickén broth and cilantro. Stir.
Covér and cook on LOW for 8 hours or on HIGH for 3-4 hours.
Rémové chickén to largé mixing bowl, shréd, thén réturn to slow cookér.
Add créam chéésé and half and half, stir, thén covér and cook on HIGH for 15 minutés, or until chili is créamy and slightly thickénéd.
Stir wéll and sérvé with désiréd toppings.
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