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!
5-Ingredient Creamy Chicken Taco Alfredo
I love One Pot Pastas. They make dinnertime so easy in my house because they don’t use a dozen of different dishes and pots and pans to prepare and they’re usually really quick to make. Also, like this 5-Ingredient Creamy Chicken Alfredo, they don’t require a ton of ingredients, or weird random things that I don’t usually have on hand already.
This 5-Ingredient Creamy Chicken Alfredo is completely a pantry meal for me. I always have pasta in my pantry and it is pretty unusual that I don’t have rotel in there as well. Chicken, cilantro, cream, and cheese are also on my weekly shopping list because they’re versatile and can add a lot of flavor to the simplest of meals.
Creamy Alfredo mixed with favorite taco flavors for a 5-ingredient dinner everyone will love!
INGREDIENTS :
- 2 boneless, skinless chicken breasts
- 1 Tbsp taco seasoning
- 1 Tbsp olive oil
- 1 Tbsp butter
- 1 cup heavy cream
- 1/2 cup Mexican cheese blend
- 1 can Mild Rotel or chopped tomatoes, 2 Tbsp reserved for garnish
- 8 ounces Penne Pasta, cooked according to package instructions
- Garnish: 2 tablespoons chopped fresh Cilantro Leaves
INTRUCTIONS :
- Pat the chicken dry on both sides with a paper towel. Sprinkle with the taco seasoning on all sides. Heat the olive oil in a cast iron pan over medium heat. Add the seasoned chicken to the pan and cook, turning once, until the chicken is completely cooked through (about 5 minutes per side). Remove chicken from the pan, place on a plate, cover with foil. Add the butter to the pan that the chicken was cooked in and melt over medium heat. Slowly add the heavy cream, whisking to incorporate all the seasonings and browned bits left behind from cooking the chicken. Whisk constantly and cook for about 2 minutes. Add the cheese, rotel (reserving 2 tablespoons for garnish), and stir until thickened and the cheese is melted. Stir in the cooked pasta and reduce heat to low. Remove chicken from the foil covered plate, slice into strips. Place the sliced chicken on top of the pasta and sprinkle with reserved rotel and optional cilantro garnish for a pop of color. Serve immediately.
Recipe Adapted From
5-ingredient creamy southwest chicken alfredo
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