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!
Cassie's Comforting Chicken & Noodles | Crock Pot Recipe
This is an incredible Crock Pot meal. Not only is it hearty, rich and delicious, it's so easy to prepare. Cooking the chicken low and slow for several hours makes it tender and flavorful. The noodles take on the flavor of the chicken and the creamy soup making the whole pot irresistible. Even your pickiest eater will clean their plate. This is soon to become a new family favorite!
Ingredients
- 1 pkg frozen egg noodles, 24 ounce
- 2 can(s) cream of chicken soup, 14.7 oz each; sometimes I use 1 can chicken and 1 can cream of celery
- 1 stick (1/2) cup butter - cut into pieces
- 1 can(s) chicken broth, 32 oz; may want extra to thin out if too thick. The frozen noodles thicken the broth.
- mixed
- vegetables, optional; I didn't use this time
- 1 tsp Better Than Bullion, optional; I add for a richer chicken flavor
- 6 small boneless, skinless chicken breasts or 4 large
- salt & pepper, to taste; can add some parsley too if desired
INTRUCTIONS :
- Salt & pepper chicken breasts.
- Place in the bottom of Crock Pot.
- Spoon soup over the chicken.
- Cut butter into several pats and place pieces evenly over soup.
- Whisk the bouillon with the broth.
- Pour over soup.
- Place lid on the Crock Pot and turn to low. Cook for 6 hours.
- Remove chicken and tear into pieces.
- Add back to pot.
- Now add noodles; if adding veggies add now. Cook for another 2 hours or until noodles are desired tenderness. I stir a few times during last 2 hours. (You may want to add more broth to thin out at the end of cooking, as the homemade noodles thicken the broth, which we like. )
- Sprinkle with parsley and mix in if using at the end of cooking.
- Salt & pepper, if needed, and serve. Yum!
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