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!
EASY SLOW COOKER CHICKEN LO MEIN NOODLES {CROCK-POT}
Easy Slow Cooker Chicken Lo Mein – The perfect healthy crock-pot recipe for busy weeknights with authentic restaurant quality ingredients. Best of all, ONLY 15 minutes to prep & way better than takeout. Make it for your weekly meal prep & leftovers make great work lunches.
What dish comes to mind when you think of comfort food? Ours is definitely anything with noodles or pasta. I can’t even begin to choose a favorite from this LIST. Totally the best comfort food!
THIS VERSATILE ASIAN NOODLE DISH IS FLAVORFUL AND SAUCY WITH BABY BOK CHOY, CARROTS AND CHICKEN BREASTS. THIS MAKES AN EASY MEAL THAT CAN BE MADE ALL IN THE SLOW COOKER IF DESIRED AND THE VEGETABLES AND PROTEIN ARE EASILY INTERCHANGEABLE TO SUIT YOUR TASTES.
INGREDIENTS
- 1 pound boneless, skinless chicken thighs or breasts
- Salt and black pepper to taste
SAUCE
- 2/3 cup low sodium chicken broth
- 3 tablespoons oyster sauce
- 2 tablespoons low sodium soy sauce
- 3 teaspoons hoisin sauce
- 2 teaspoons hone
- 2 garlic cloves, minced
- ½ tablespoon minced fresh ginger
- 1/2 teaspoon red chili pepper flakes, optional
- 2 cups fresh lo mein noodles or cooked spaghetti noodles
- 2 cups baby bok choy, washed and sliced
- 1 red bell pepper, seeded, thinly sliced
- ½ cup matchstick carrots
- 2 tablespoons corn starch + 3 tablespoons cold water
- Sesame seeds, for garnish, optional
INSTRUCTIONS
- Lightly grease 4-5 quart slow cooker with non-stick cooking spray. Add chicken and season with salt and black pepper. In a medium bowl, whisk together all the ingredients for the sauce and pour over chicken. Cover and cook for 1 1/2 - 2 hours on high or 3-4 hours on low, stirring once to distribute sauce evenly.
- Meanwhile, prepare noodles according to package directions and set aside.
- Once chicken is cooked, transfer to cutting board and cut into cubes or shred with two forks.Toss back in to slow cooker along with bok choy, bell peppers and carrots. To thicken sauce, whisk together corn starch and water in a small bowl and stir into slow cooker. Cook on HIGH for an additional 20-30 minutes or until sauce has thickened up. Give everything a good stir to combine and coat with sauce.
- Serve hot and garnish with sesame seeds, if desired.
NOTES
Due to the lower heating element in older slow cookers, the sauce may not thicken in the slow cooker. If that is the case, spoon out all the sauce from the slow cooker into a small saucepan and bring to a boil on high heat until it thickens up. Combine with rest of ingredients and serve.
* Feel free to add in any other vegetables of your choice. Broccoli, snow peas and bell peppers would work well in this dish.
*Adding the fresh pre-cooked or cooked dry noodles JUST 20 minutes PRIOR to serving will ensure that the noodles will NOT get too soft and mushy.
**Use pork instead of chicken or extra firm or deep fried tofu for a meatless meal. I also have a vegetarian version on my site.
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