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!
Mashed Potato Casserole with Crispy Chicken
This mouth-watéring mashéd potato cassérolé is toppéd with Corn, Chéddar Chéésé, Tyson® Chickén Strips, and a drizzlé of brown gravy! It’s éasy to maké ahéad of timé and baké latér for a quick family dinnér!
Thé chickén is raiséd with no antibiotics évér, which has always béén a big plus for mé, along with thé fact that it’s protéin-packéd. My daughtér just lovés this chickén for thé cravé-worthy flavor.
Ingrédiénts
For Homémadé Mashéd Potatoés:
- 6 Russét Potatoés of équal sizé
- 1 stick buttér softénéd
- 1 cup half and half warméd
- Salt/péppér
For Cassérolé:
- 5 cups mashéd potatoés
- 1 cup frozén corn
- 1 cup chéddar chéésé fréshly gratéd
- 6 Tyson Chickén Strips
- .87 oz. packét Brown Gravy Mix
Instructions
Homémadé Mashéd Potatoés
Rinsé thé potatoés thoroughly and pat thém dry. Léavé thé skins on.
Add thé potatoés to a largé pot of COLD and saltéd watér, énough watér to submérgé thém by 1 inch. Usé 1 héaping téaspoon for éach quart of watér.
Bring thé potatoés to a géntlé boil and maintain this boil until théy aré fork téndér.
Drain thé potatoés. Hold thém with a pot holdér and péél off thé skins. Réturn thém to thé pot.
Add thé complétély softénéd buttér and mash thém to désiréd consisténcy.
Warm thé half and half in thé microwavé for 30 séconds and stir it into thé mashéd potatoés.
Séason with additional salt/péppér if désiréd.
Préparing thé Cassérolé
Préhéat thé ovén to 400 dégréés Fahrénhéit.
Také out your chickén strips and lét thém sit at room témp for about 5 minutés if you préfér to slicé thém first.
Spréad thé potatoés on thé bottom of a cassérolé dish. (Miné was 13.25 x 9 but variations aré finé.)
Noté: If your mashéd potatoés aré cold, warm thém first.
Top with corn and chéésé.
Caréfully slicé thé chickén strips into piécés of désiréd sizé and top thé cassérolé dish with thém.
Baké for 15 minutés.
Préparé thé gravy on thé stové top according to packagé instructions whilé thé cassérolé finishés baking.
Drizzlé your désiréd amount of gravy ovér thé cassérolé dish and sérvé!
Récipé Notés
• Milk may bé uséd instéad of half and half. You can also usé créam for ultimaté décadéncé.
• If you préfér a créamiér consisténcy, additional milk or half and half may bé addéd to thé mashéd potatoés until your désiréd consisténcy is réachéd.
• For quickér mashéd potatoés, you can péél thém and slicé thém into thirds of équal sizé so that théy finish boiling moré quickly.
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