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!
ONE POT CREAMY CHICKEN AND NOODLES RECIPE
This One Pot Creamy Chicken and Noodle is a childhood favorite. Full of tender noodles, chicken and veggies in a creamy sauce and cooked in one pan for easy clean-up, this recipe is a weeknight dream.
One Pot Meals have become a staple in our home. I love them for the ease of cooking and clean up.
This is the kind of comfort food dreams are made of. Seriously, so many yummy flavors melting together to create a rich, savory meal that the whole family will love.
It’s SO easy to make too !!
ONE POT CREAMY CHICKEN AND NOODLES RECIPE
INGREDIENTS- 2 large (or 3 small) boneless, skinless chicken breasts
- 2 Tbsp olive oil
- 2 cups of roughly chopped raw vegetables(I used equal amounts of onions, carrots, celery)
- 1 Tbsp minced garlic
- Salt & Pepper
- 1 small can cream of chicken soup + 1 can milk
- 2 cups chicken broth
- 1 Tbsp dried parsley
- 1 tsp dried thyme
- 1 tsp garlic powder
- 1/2 pound dry fettuccine pasta
- 1 cup shredded cheddar cheese + 1/2 cup cheese for topping
INSTRUCTIONS- Heat olive oil in a 4-5 quart pot.
- Add chopped vegetables and minced garlic. Saute over medium-high heat for about five minutes, or until vegetables are just becoming tender.
- Add chicken and season with a couple pinches of salt and a pinch of pepper. Continue to saute over medium heat until chicken is no longer pink. It does not have to be cooked through since it will continue to cook in the sauce.
- Add cream of chicken soup, milk, chicken broth, pasta and dry seasonings. Stir.
- Bring to a boil and turn heat down to low. Simmer for 20-25 minutes or until pasta is tender, stirring every five minutes to keep pasta from sticking together.
- Once pasta is cooked to your liking, remove from heat and stir in 1 cup of cheddar cheese. Sprinkle with remaining cheese. Cover pot and let rest for 5-10 minutes to thicken the sauce.
- Sprinkle with fresh chopped parsley for garnish
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