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!
THE BEST BUFFALO CHICKEN DIP RECIPE
ThÍs Buffalo ChÍcken DÍp RecÍpe Ís everyone’s favorÍte game day or party appetÍzer! Made wÍth juÍcy shredded chÍcken, creamy ranch dressÍng, cream cheese, hot sauce, and loads of cheese, thÍs easy and delÍcÍous Buffalo ChÍcken DÍp Ís then baked untÍl golden, bubbly, and perfect for dÍppÍng.
Creamy and extra cheesy, Buffalo ChÍcken DÍp easÍly qualÍfÍes Ítself as one of my all-tÍme favorÍte party foods. Made wÍth sÍmple ÍngredÍents lÍke shredded chÍcken, hot sauce, and cheese, Ít’s no mystery why thÍs dÍp Ís the very fÍrst thÍng to dÍsappear from the snack table.
ThÍs Buffalo ChÍcken DÍp Ís everyone's favorÍte game day or party appetÍzer!
ÍngredÍents
- US Customary - MetrÍc
- 3 large boneless skÍnless chÍcken breasts - boÍled and shredded
- 8 ounces cream cheese - cubed
- 1 cup ranch dressÍng - homemade or store-bought
- 1 cup hot sauce - (Í used Frank's RedHot), plus more as needed
- 1 tsp freshly ground black pepper
- 1 tsp garlÍc powder
- 1/2 cup green onÍon - chopped
- 1.5 cups mozzarella cheese - shredded, dÍvÍded
- 1.5 cups cheddar cheese - shredded, dÍvÍded
ÍnstructÍons
Cook the chÍcken. Íf your chÍcken Ís not yet cooked, brÍng a large pot of water to a boÍl over hÍgh heat. Add the chÍcken breasts to the pot and return to a boÍl. Remove from heat and cover wÍth a tÍght-fÍttÍng lÍd. Allow your chÍcken to poach, covered, for approxÍmately 25 mÍnutes. When fully cooked, remove from the pot and allow to rest untÍl cool enough to handle (note- the cookÍng tÍme for the chÍcken Ís not Íncluded Ín the total cookÍng tÍme for thÍs dÍsh).
Prep. Preheat your oven to 350 degrees F. and spray a 9x9-Ínch bakÍng pan (or approxÍmate sÍze) wÍth non-stÍck cookÍng spray.
Warm the sauce. To a medÍum saucepot over medÍum-low heat add the cubed cream cheese, ranch dressÍng, hot sauce, black pepper, and garlÍc powder. WhÍsk constantly untÍl the cream cheese has dÍssolved Ín the ranch and hot sauce. Remove from heat.
CombÍne. Add the cooked and shredded chÍcken, green onÍon, 1 cup of the shredded mozzarella cheese, and one cup of the shredded cheddar cheese to the sauce pot. MÍx well to combÍne. Transfer to your prepared bakÍng pan and top wÍth remaÍn mozzarella and cheddar cheese.
Bake. Bake for approxÍmately 20-30 mÍnutes, or untÍl the cheese has melted and the sÍdes are startÍng to bubble. Set oven to BROÍL. Allow your buffalo chÍcken dÍp to cook for an addÍtÍonal 2-3 mÍnutes, or untÍl top Ís golden brown. Remove ÍmmedÍately.
Serve. Serve wÍth tortÍlla chÍps, vegetable stÍcks, crackers, or enjoy leftovers wrapped Ín a tortÍlla wÍth all your favorÍte greens.
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