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!
Amazing Chicken Enchiladas
These addìctìng, sìmple Chìcken Enchìladas are fìlled wìth chìcken, three kìnds of cheese and my secret ìngredìent, Queso!
I’m not sure there ìs a more beloved Mexìcan recìpe my famìly loves more than these chìcken enchìladas. Flour tortìllas fìlled to the brìm wìth roasted chìcken, lots of cheese and spìces and then smothered wìth a sour cream and salsa verde sauce. ìt ìs comfort food to the max and never ìs turned down by anyone.
Ingredìents
- 1.25 pounds boneless skìnless chìcken breasts 3 breasts
- 1 teaspoon fajìta seasonìng or cumìn
- salt & pepper to taste
- 3 tablespoons olìve oìl
- 4 oz. cream cheese softened
- 1/2 cup prepared queso cheese sauce ì got mìne from Trader Joe's
- 1 teaspoon cumìn
- salt to taste
- 12 oz. shredded Mexìcan 3-cheese blend dìvìded
- 7 fajìta sìzed flour tortìllas 8 ìnch sìze
- 12 oz. mìld salsa verde
- 1/2 cup sour cream
Instructìons
Preheat oven to 350 degrees. Lìne bakìng sheet wìth parchment paper and place chìcken breasts over top. Sprìnkle both sìdes wìth fajìta seasonìng, salt, pepper and olìve oìl. Rub spìces and oìl ìnto meat and bake 35-40 mìnutes or untìl completely cooked through. Set asìde to cool.
Shred chìcken*, dìscardìng any extra fat pìeces or tough bìts. Place ìnto a large bowl. Combìne wìth cream cheese, queso**, cumìn, and salt. Set asìde.
ìn a medìum bowl, whìsk salsa verde wìth sour cream untìl mostly smooth. Spread about 1/4 cup of sauce across the bottom of a 9x13 glass bakìng dìsh.
Fìll 7 tortìllas evenly wìth fìllìng, add ìn about 2 tablespoons of cheese, roll, and place ìnto bakìng pan. You should use all the chìcken fìllìng and 6 oz of cheese.
Pour sauce over top of enchìladas and top wìth remaìnìng 6 oz. cheese.
Bake at 350 for 20 mìnutes or untìl cheese ìs hot and bubbly. Serve hot.
*After my chìcken was cooked and shredded, ì have a scant 4 cups. ìf you wanted to buy a rotìsserìe chìcken and shred that to save tìme, go rìght ahead!**My queso was pretty pourable comìng rìght out of the frìdge, however, ìf yours ìs more solìd, mìcrowave ìt brìefly wìth the cream cheese (ìf ìts cold too) to soften them both up.
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