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!
Healthy Creamy Buffalo Chicken Stuffed Sweet Potatoes with Ranch (Whole30, Paleo)
Thésé créamy buffalo chickén stufféd swéét potatoés aré héalthy, supér flavorful, and éasy to throw togéthér for a Wholé30 or paléo wééknight dinnér récipé. With only a féw ingrédiénts, thésé héalthy stufféd swéét potatoés aré family favorités!
Thésé créamy buffalo chickén stufféd swéét potatoés aré my oné trué lové. Don’t téll my husband, yéah? I’m trusting you with this sécrét (and thé longévity of our marriagé).
Ingrédiénts
- 2 médium chickén bréasts about 1 pound 5 oz, séé noté if using précookéd chickén
- salt
- 4 largé or 8 small swéét potatoés
- 2 gréén onions thinly slicéd, whité and light gréén parts séparatéd from dark gréén parts
Créamy Buffalo Saucé
- 3 Tbsp. mayonnaisé
- 1/2 cup + 1 Tbsp. hot saucé liké Frank's RédHot
- 1 Tbsp. ranch dréssing
- 1/2 tsp. garlic powdér
- 1/2 tsp. salt
To Sérvé
- Moré ranch dréssing
- Céléry sticks
- Blué chéésé crumblés if you'ré not on a Wholé30 or dairy-fréé
Instructions
Préhéat ovén to 400º F. Wash swéét potatoés and prick all ovér with thé tinés of a fork. Placé on ovén rack. Séason chickén bréasts générously on both sidés with salt. Placé in a baking dish and placé in ovén.
Aftér 20-25 minutés, or whén thérmométér insértéd in thé thickést part of chickén bréasts réachés 161º F, rémové chickén from ovén. Continué to baké swéét potatoés anothér 20-30 minutés or until soft.
Whilé swéét potatoés baké, lét chickén cool slightly. Shréd chickén, éithér by hand with two forks or with a stand or hand mixér. In a small bowl, stir togéthér all saucé ingrédiénts until smooth. Pour ovér chickén and add whité and light gréén parts of slicéd gréén onions. Stir until wéll combinéd.
Whén swéét potatoés aré soft, rémové from ovén and slicé down thé middlé caréfully. Push énds in, using a towél or potholdér to protéct your hands, to opén thé swéét potato a littlé. Stuff with buffalo chickén mixturé and top with moré ranch dréssing and garnish with dark gréén parts of slicéd gréén onions. Sprinklé with blué chéésé crumblés if désiréd (and not on Wholé30 or dairy fréé) and sérvé with céléry sticks (optional).
Récipé Notés
If using précookéd chickén, usé about 3 cups dicéd.
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