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!
Slow Cooker Chicken and Rice Soup
Slow Cooker Chicken and Rice Soup is an easy slow cooker chicken soup recipe. All of the raw ingredients go in the slow cooker and a delicious soup awaits for dinner.
What I love most about this Slow Cooker Chicken and Rice Soup is the blend of seasonings. They give this soup just the right amount of flavor to complement the chicken and rice. Be sure to use seasonings that are still fresh. If they have been sitting in the pantry for over 6 months, they will not taste as vibrant. If I have a seasoning that is losing it’s flavor, I grind it a little between my fingers before adding it to the soup. This will bring out more of the taste and smell.
Slow Cooker Chicken and Rice Soup is an easy chicken soup recipe. All of the raw ingredients go in the slow cooker and a delicious soup awaits for dinner.
Ingredients (with Amazon Links)
- 3 chicken breasts, trimmed of fat and cut in half
- 1 cup parboiled rice (also called converted rice)
- 1 small onion, chopped
- 3 carrots, chopped
- 3 celery stalks, chopped
- 3 garlic cloves, minced
- 3 teaspoons salt
- pepper to taste
- 2 teaspoons parsley
- 1 teaspoon thyme
- 1/2 teaspoon rosemary
- 1/2 teaspoon sage
- 1 bay leaf
- 2 tablespoons butter, optional
- 9 cups chicken broth
Instructions
- Place all ingredients in order in a slow cooker, except rice.
- Cook on low for 4 hours.
- A few minutes before serving, remove the chicken from slow cooker and shred or cut into cubes.
- Return chicken to the slow cooker, and let it cook for 5-10 more minutes.
- Alternate method
- Parboiled rice works great in this soup. It holds it's shape and texture. If you prefer brown rice or wild rice, prepare 1 cup uncooked rice according to the package directions and stir it into the soup just before serving.
- More Slow Cooker Soups to Try
- Slow Cooker Vegetable Beef Soup: This is one of the easiest soups you will ever make. A flavor-filled soup the entire family will love!
- Slow Cooker Split Pea Soup: There are so many different vegetables in this Slow Cooker Split Pea Soup. It is very healthy and hearty.
- Slow Cooker Cheese Tortellini Soup: This Cheese Tortellini Soup is a flavorful, easy slow cooker meal. Tortellini, sausage, and spinach in a creamy tomato soup and slow cooked to perfection.
- Slow Cooker Pasta E Fagioli Soup: Our version of the Olive Garden Pasta E Fagioli Soup tastes just like the original. It is an Italian seasoned soup easily made in the slow cooker.
- Slow Cooker Zuppa Toscana Soup: Many agree that this Zuppa Toscana Soup Olive Garden Copycat is actually better than the original! It has a creamy both base and is loaded with sausage and potatoes.
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