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!
BEST EVER CHICKEN POT PIE SOUP
I love a good hearty bowl of soup in the fall and winter months and this soup almost makes me look forward to another cold winter.
Okay, maybe not a cold winter… let’s not get crazy. I am a Southerner now after all, and we don’t really have a winter season – but maybe I can drop the air conditioning down and shiver while I eat a steaming bowl of this delicious soup.
This delicious Chicken Pot Pie Soup is a simple recipe made from scratch without the use of canned soup. It is hearty and rich and full of calories but that’s what makes it a comfort food classic.
INGREDIENTS
- FOR THE PASTRY STICKS
- 2 sheets frozen puff pastry, thawed per package instructions
- 1 egg, beaten
- FOR THE SOUP
- 4 chicken breast halves, or 2 cups leftover cooked chicken
- ground pepper and salt – to taste
- 2 tablespoons cooking oil
- 1/3 cup butter
- 1/4 cup all-purpose flour
- 1 quart (4 cups) heavy cream
- 4 teaspoons chicken base – or per the pkg instructions See Notes**
- 1 cup water (for dissolving the chicken base)
- 1 tablespoon minced garlic
- ½ small yellow onion, minced
- 1 cup frozen green peas, cooked
- 1 cup chopped cooked carrots
- Pinch (about 1/4 tsp) fresh grated nutmeg, optional
INSTRUCTIONS
- Preheat oven to 350° F.
- Season chicken with seasoned salt and pepper. Heat oil in a large skillet over medium-high heat. Add chicken and saute until cooked through. Remove from heat and cut into chunks. Alternatively, you may use precooked chicken. Once cooked, remove chicken from pan and set aside.
- Meanwhile, Cut each sheet of thawed puff pastry into 1-inch strips and place on a large cookie sheet. Brush egg onto the pastry strips (for browning). Bake for 10 minutes, or until dough has risen and turned light golden brown. Remove from the oven and set aside until ready to serve.
- Dissolve the chicken base into 1 cup of water. Stir until fully dissolved.
- Then into the same large skillet, melt butter and saute the onions until they soften; about three minutes. Then slowly add flour, stirring until consistency of peanut butter, but do not brown like a roux — you want it to remain a golden color. Slowly add cream and keep stirring. Add chicken base ( to taste), and garlic, and stir until thickened. Add peas, carrots, nutmeg (optional), and cut up chicken. Remove from heat. Thin to your desired consistency
- Serve with puff pastry sticks.
NOTES
Note: Not all chicken bases and bouillons are created equally. Be sure when you select one that you look at the amount of sodium in each teaspoon of granules. Some brands have double or even triple the amount of sodium than others. No matter which brand you choose, use the amount suggested on the label OR best suited to your tastes. Following the recipe exactly as written but using a different brand or style of bouillon or chicken base can result in an overly SALTY and otherwise inedible dish.You may substitute chicken broth for the chicken base/water combo, however, the soup it will not have the same rich chicken flavor. I definitely recommend using the chicken base which has a more concentrated chicken flavor.
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