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!
Teriyaki Chicken Casserole
First off, I must say I have to give Carrian from the amazing food blog Oh Sweet Basil top notch credit for this fantastic recipe! If you are looking for an incredible, delicious and healthy meal to feed your family- this is it! This Teriyaki Chicken Casserole is one you’ll love and even the kiddos too.
I think casseroles get a bad rap, and I can totally see why. Especially when they’re packed with a bunch of processed ingredients and cream-of-whatever soups everyone loves to hate. (I use them but not all the time.) For me though, I adore a good casserole. As a main or side dish. They’re comforting, yummy and usually pretty darn easy to whip up. I love that.
Teriyaki Chicken Casserole RecipeThis Teriyaki Chicken Casserole is one you’ll love and even the kiddos too.
INGREDIENTS- 3/4 cup low-sodium soy sauce
- 1/2 cup water
- 1/4 cup brown sugar
- 1/2 teaspoon ground ginger
- 1/2 teaspoon minced garlic
- 2 Tablespoons cornstarch + 2 Tablespoons water
- 2 small boneless skinless chicken breasts
- 1 (12 oz.) bag stir-fry vegetables (Can be found in the produce section)
- 3 cups cooked brown or white rice
INSTRUCTIONS- Preheat oven to 350° F. Spray a 9x13-inch baking pan with non-stick spray.
- Combine soy sauce, ½ cup water, brown sugar, ginger and garlic in a small saucepan and cover. Bring to a boil over medium heat. Remove lid and cook for one minute once boiling.
- Meanwhile, stir together the corn starch and 2 tablespoons of water in a separate dish until smooth. Once sauce is boiling, add mixture to the saucepan and stir to combine. Cook until the sauce starts to thicken then remove from heat.
- Place the chicken breasts in the prepared pan. Pour one cup of the sauce over top of chicken. Place chicken in oven and bake 35 minutes or until cooked through. Remove from oven and shred chicken in the dish using two forks.
- *Meanwhile, steam or cook the vegetables according to package directions.
- Add the cooked vegetables and rice to the casserole dish with the chicken. Add most of the remaining sauce, reserving a bit to drizzle over the top when serving. Gently toss everything together in the casserole dish until combined. Return to oven and cook 15 minutes. Remove from oven and let stand 5 minutes before serving. Drizzle each serving with remaining sauce. Enjoy!
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