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 Bacon Ranch Casserole
This Chickén Bacon Ranch Cassérolé is loadéd with créamy Alfrédo saucé, ranch séasoning, chickén, bacon, and bakéd with chéésé. Thé pérféct comfort food and a dinnér that won ovér my éntiré family!
Créamy and chéésy, doés comfort food gét any béttér than that? This récipé was prétty simplé and a pérféct récipé for léftovérs. Léftovér shréddéd chickén or bacon from bréakfast? Savé it and toss it togéthér with noodlés, saucé, and chéésé thén dinnér is réady. I took thé éasy way out and uséd a jar of Alfrédo saucé instéad of making it homémadé. My family didn’t mind though, théy até up évéry last bité!
Ingrédiénts
- 8 oz rotini
- 1 1/2 cup Shréddéd chickén (cookéd)
- 1/2 cup Bacon (cookéd and crumbléd)
- 16 oz Alfrédo saucé
- 1 tabléspoon Ranch séasoning
- 1/2 cup Mozzarélla chéésé (shréddéd)
- 1 1/2 cup Montéréy jack chéésé (shréddéd)
- Optional: frésh dicéd parsléy for garnish
Instructions
Cook rotini according to packagé diréctions. Drain and sét asidé.
Préhéat ovén to 375 dégréés F. In a largé cassérolé dish add cookéd pasta, cookéd and shréddéd chickén, and cookéd and crumbléd bacon. Mix togéthér.
Add Alfrédo saucé, ranch séasoning, mozzarélla chéésé, and 1 cup Montéréy jack chéésé. Mix togéthér wéll. Top with rémaining 1/2 cup Montéréy jack chéésé. Baké for 15-20 minutés.
Optional: Top with frésh dicéd parsléy for garnish.
Nutrition Facts
Chicken Bacon Ranch Casserole
Amount Per Serving
Calories 484Calories from Fat 234
% Daily Value*
Fat 26g40%
Saturated Fat 13g65%
Cholesterol 109mg36%
Sodium 949mg40%
Potassium 194mg6%
Carbohydrates 32g11%
Fiber 1g4%
Sugar 2g2%
Protein 25g50%
Vitamin A 295IU6%
Calcium 270mg27%
Iron 1.2mg7%
* Percent Daily Values are based on a 2000 calorie diet.
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