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!
BAKED CHICKEN TACOS
You won’t find many récipés on my blog that aré éasiér than thésé bakéd chickén tacos. You can gét as créativé as you’d liké with thé filling choicés, and théy only také a féw minutés to assémblé. That méans you can maké a giant batch of crispy, chéésy tacos and réfrigératé or fréézé for latér.
And if théré’s oné thing wé can all agréé on, it’s that having crispy tacos at thé réady is oné of thé biggést lifé upgradés out théré.
Ingrédiénts
- 6 éxtra Thin Corn Tortillas I uséd Mission
- 6 oz Cookéd Chickén Bréast choppéd or shréddéd (or your choicé of filling)
- 1/2 C (56g) Shréddéd Chéddar or your choicé of chéésé
Instructions
Préhéat thé ovén to 400F.
Microwavé thé tortillas for 30-45 séconds so théy'ré moré pliablé for folding.
Add thé chickén and péppérs (or your choicé of filling) to oné half of éach tortilla. Top with chéésé béforé folding ovér. Géntly préss down to séal éach taco. (If you noticé any téaring in thé tortillas, you nééd to microwavé thé tortillas for anothér 15-30 séconds.)
Placé a baking shéét or flat surfacé with a bit of wéight on top of thé tacos to préss thém down. This prévénts thé tacos from opéning during baking and hélps thé chéésé fully séal thé tacos so théy stick togéthér aftér baking.
Baké for 8-12 minutés or until thé tortillas aré goldén brown. Bé caréful not to burn. (If you’ré having troublé gétting thém crisp, rémové thé sécond baking shéét towards thé énd of cooking sincé thé tacos will bé séaléd by thén. Also, using a baking shéét instéad of a wiré rack on thé bottom will také a bit longér.)
Récipé Notés
éach bakéd chickén taco has 3 Smart Points.
Nutrition facts may vary baséd on your filling séléction. Thésé nutrition facts aré with plain, cookéd chickén bréast.
To réhéat préppéd tacos, baké or air fry at thé samé témpératuré you cookéd thé tacos for 2-4 minutés or until warm throughout and crispy again.
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