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!
Tuscan Chicken Casserole Recipe Low Carb Keto THM
My Tuscan Chicken Casserole Recipe with creamy sun-dried tomato sauce on top of tender chicken and covered with provolone is incredible. You would never know how easy this is or that it has less than 10 ingredients.
This Tuscan Chicken Casserole was amazing. I enjoy my recipes (or I wouldn’t share them) but this was over the top good. I would serve it for dinner company I wanted to impress any day of the week.
One of my favorite things ever is the sun-dried tomato sauce at Olive Garden. In my vegetarian days, I loved the Portobello Mushroom Ravioli there. I would dip my breadsticks in the sauce and sigh in satisfaction.
You can also just make this Tuscan Chicken Recipe with leftover cubed or shredded chicken or thinly sliced chicken breasts. Just proceed with the sauce recipe and adjust the cooking time as needed.
INGREDIENTS :
- 8 oz cream cheese
- 1 tsp roasted or regular garlic powder
- 1/2 tsp salt
- 3 oz cooking liquid from the chicken or chicken stock
- 5 oz fresh baby spinach
- 12 slices provolone cheese
- 3 lb chicken tenders
- 2 tbsp sun-dried tomatoes
- 3 tbsp warm water
- 12 fresh basil leaves
INTRUCTIONS :
- Preheat oven to 350.
- Cook the chicken tenders until cooked through. I cook mine in a covered casserole dish for 30 minutes at 350. Reserve 3 oz of the cooking liquid and drain the rest.
- In a small blender or food processor puree the sun-dried tomatoes and warm water until they are pureed. Add the basil and process until it is chopped.
- In a medium bowl mix the sun-dried tomato puree, cream cheese, garlic powder, salt, and cooking liquid or chicken stock. Once it is pretty smooth, mix in the spinach.
- Spread the sauce on top of the chicken tenders. Top with the provolone cheese. Bake for an additional 15 minutes or until the cheese is bubbly.
Notes
Make sure to watch the video right above this recipe card to see how this casserole is made!
Once the casserole is prepared you can wait to bake it. I prepped it in the early afternoon, put it in the fridge, and then baked it right before dinner. You will need to increase the final baking time if it is cold when you put it in the oven.
You can also just make this with leftover cubed or shredded chicken or thinly sliced chicken breasts. Just proceed with the sauce recipe and adjust the cooking time as needed.
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