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 CORDON BLEU QUESADILLAS
There’s so much to love about Chicken Cordon Bleu Quesadillas! They have all the same irresistible flavors of traditional, and time consuming Chicken Cordon Bleu in this super EASY quesadilla! There’s layers of gooey cheese, crispy bread crumbs, savory ham and chicken and of course killer Parmesan Dijon cream sauce that you could eat with a spoon! It’s a winner!
A huge thanks to my friends at Dairy West for sponsoring todays post! They love dairy products and the dairy industry as much as I do! #DairyWest #UndeniablyDairy
If you are a cheese lover like me you are in luck because Chicken Cordon Bleu Quesadillas are loaded with yummy cheese and is if that wasn’t good enough there’s this amazing creamy Parmesan Dijon Sauce to dip them in!
Are you hungry yet? Grab a a handful of ingredients and whip up Chicken Cordon Bleu Quesadillas at your earliest convenience! Trust me you’ll be happy you did!
Chicken Cordon Bleu Quesadillas are every thing you love about the classic in a new fuss free version! There are still those amazing layers of savory ham, gooey cheese, hearty chicken, and even a creamy Parmesan Dijon Sauce! It's heavenly in a hurry!
Ingredients
QUESADILLAS:
- 1 8-10 inch flour tortillas
- ¼ c. grilled chicken breast, sliced
- 2-3 slices deli ham
- 4 slices of Swiss or Provolone cheese
- 2 T. toasted breadcrumbs
- 2 T. melted butter
PARMESAN DIJON SAUCE
- 2 T. butter
- 1 T. flour 1 cup milk
- 1 chicken bouillon cube
- 1 tablespoon Dijon mustard
- Dash hot sauce, optional
- ½ cup freshly grated Parmesan cheese
- Salt and pepper to taste
Instructions
- To make the sauce melt butter in a medium sized saucepan. Whisk in flour and add chicken bouillon and cook for 1-2 minutes. Slowly add milk while whisking. Add mustard and hot sauce. Continue cooking and whisking for about 5 minutes or until it’s thickened. Remove from heat and add parmesan cheese and stir. Keep warm over low heat.
- To make the quesadilla.
- Melt butter in a large skillet over medium heat.
- Add one tortilla shell to skillet.
- Add one layer of sliced cheese.
- Add a layer of ham.
- Sprinkle with breadcrumbs
- Add another layer of cheese.
- Add a layer of sliced chicken.
- Drizzle with a couple spoonfuls of sauce.
- Sprinkle with more breadcrumbs.
- Add a layer of cheese.
- Top with another tortilla shell.
- Cook until the bottom tortilla is golden brown. Flip and continue cook until the other side is brown.
- Cut into slices and serve with remaining sauce.
NOTES:
Be sure to cook your quesadilla over medium heat. If your heat is too hot the quesadilla will be golden brown before the cheese is melted and the fillings are warmed through.
Store bought breaded chicken may be used instead of adding breadcrumbs.
Grated cheese may be used instead of sliced cheese.
Exact amount of ingredients may vary depending on how much you add to your quesadilla!
This recipe enough sauce for several quesadillas. It’s easy to make as many quesadillas as you want!
You can make your own breadcrumbs by putting bread heels in a food processor and processing them until they are in crumbs. Bake them at 350 degrees for about 5 minutes.
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