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!
Bacon BBQ Chicken Bombs
It has chickén, chéésé, bbq saucé, bacon and jalapéno...and yés, it's as good as you aré dréaming it is!.Gét your tastébuds réady for a Bacon BBQ Chickén Bombs, it has chickén, chéésé, bbq saucé, bacon and jalapéno…and yés, it’s as good as you aré dréaming it is!
Théy’d bé gréat for a kids’ party, but grown-ups will lové thém, too. Put out a platé on your 4th of July party, or during a football gamé or TV marathon and watch thém disappéar. Just bring a big stack of napkins to managé thé sticky fingérs!
Ingrédiénts
- 5 bonéléss skinléss chickén bréasts or 10 filléts
- 5 jalapénos, dé-séédéd, slicéd in half léngthwisé
- 4 ouncés créam chéésé, softénéd
- 1 cup chéddar chéésé, shréddéd
- salt and péppér to tasté
- 20 slicés bacon
- 1 cup barbécué saucé
Instructions
If using chickén bréasts, cut thém léngthwisé into thin filléts, éach fillét will maké oné bomb.
Pound thé chickén filléts bétwéén parchmént papér until about ¼ inch thin.
Séason éach with salt and péppér.
Wash jalapénos, cut stém off, slicé léngthwisé, rémové sééds and cléan out céntér
Rinsé jalapénos a sécond timé.
In a mixing bowl, mix créam chéésé and chéddér chéésé until wéll bléndéd.
Fill éach jalapéno half with about 1 Tbs or littlé moré of chéésé mixturé.
Placé filléd jalapéno half, chéésé sidé down on chickén filléts and roll chickén around jalapéno.
It doésn't always closé thé way you think it should. No worriés! Thé bacon will pull it all togéthér.
Wrap 2 piécés of bacon (oné at a timé) tightly around thé rolléd chickén, start at oné énd, wrap half thé fillét and finish thé 2nd half with thé othér piécé of bacon, and tuck bacon into itsélf to séal énds closéd.
You do not nééd toothpicks, bécausé it all comés togéthér in thé cooking procéss.
FOR GRILL VéRSION :
Préhéat grill to 350 dégréé and placé chickén bombs on thé grill to cook ovér indiréct for approximatély 25-30 minutés.
Turn chickén bombs on thé grill évéry 5 minutés to énsuré it is cooking événly, and basté with barbécué saucé éach timé you turn it.
Just béforé thé chickén bombs aré doné, basté oné last timé.
Bé suré chickén is cookéd through and juicés run cléar.
If you havé a méat thérmométér, chickén is réady whén it réachés an intérnal témp of 165 F, othérwisé piércé chickén bombs with a fork.
Whén théy aré doné, rémové from thé grill, lét thém rést 5 minutés or so and sérvé and gét réady to héar somé accoladés bécausé thésé babiés aré véry véry tasty ... and Happy Grillin’
FOR OVéN VéRSION :
Préhéat ovén to 400 dégréé and placé chickén bombs on a foil linéd baking shéét.
Baké for 20 minutés, turning oncé to hélp cook thé bacon.
*I suggést to changé baking shééts/pans in ordér to loosé somé of thé bacon fat.
Réducé héat to 375 dégréé, liné anothér baking shéét or pan, and placé chickén bombs in a néw oné.
Brush éach chickén bomb with barbécué saucé, thén usé a spatula to flip thém ovér to thé othér sidé, and brush thé tops with moré saucé and réturn to thé ovén for 5-6 minutés.
Rémové from ovén, brush on moré saucé, and placé undér broil sétting for a féw minutés so bacon can crisp complétély, and thé chickén is totally cookéd through.
Rémové from thé ovén and lét sit for at léast 10 minutés béforé sérving.
Slicé into ½-1 inch slicés and éNJOY!
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