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!
DUMP-AND-BAKE SMOTHERED CHICKEN WITH BACON
This is a sponsored post written by me on behalf of Sargento® Cheese. All opinions are 100% mine.
When I strap my toddler into the seat of the grocery cart, I know that I have approximately 0.36 seconds to grab everything that I need before the whining, grabbing, and meltdown ensues. There’s no time for dilly-dallying, no time for combing the shelves, and certainly no time for hunting down exotic ingredients. Instead, I keep my lists as short as possible and stick to the basic ingredients that I know my family loves (like bacon and cheese!), for easy quick-prep dinners that make the house feel cozy, nourish our bodies, and bring our family together at the end of an exhausting day.
Ingredients
- 6 boneless skinless chicken breasts or 2 large breasts thinly sliced, about 24 ounces total
- 1 tablespoon Ranch salad dressing and seasoning mix just the dry seasoning
- 1 jar 15 ounces or about 1 ¾ cups Alfredo pasta sauce
- 4 slices cooked chopped bacon*
- 3 slices Sargento provolone cheese
- Optional: fresh parsley or chives for garnish
Instructions
- Preheat the oven the 375 degrees F. Spray a 2-quart baking dish with cooking spray.
- Place chicken in prepared dish and sprinkle both sides of the meat with Ranch seasoning mix.
- Pour Alfredo sauce over top of the meat, toss to coat, and cover tightly with foil. Bake for 30-35 minutes, or until chicken is cooked through.
- Remove chicken from the oven; top with cheese slices, breaking the cheese to fit on each piece of meat. Sprinkle with chopped bacon and return the dish to the oven (uncovered) for 5 more minutes, or until the cheese is melted.
- If desired, garnish with fresh herbs just before serving.
Recipe Notes
*I prepare my bacon ahead of time by baking in the oven on a rimmed baking sheet at 400 degrees for about 13 minutes. You can also use the microwave or just take a shortcut and buy the precooked bacon at the grocery store, crumbling it with you fingers as you sprinkle it over the chicken (that saves a step and doesn’t require any dirty dishes)!
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