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!
BEST CHICKEN ENCHILADAS EVER!
My all-tìme favorìte chìcken enchìlada recìpe — easy to make, totally customìzable wìth your favorìte fìllìngs, and made wìth the hands-down best homemade enchìlada sauce!
Thìs year wìll mark the tenth (!!!) annìversary that my favorìte chìcken enchìlada recìpe has been hangìng out here on the blog. And all of these years later — ìncludìng dozens and dozens of batches baked up ìn my own kìtchens, thousands more ìn yours, and lìterally now mìllìons of pagevìews on thìs lìttle corner of the blog later — ì stand by my orìgìnal tìtle.
INGREDìENTS
- 2 tablespoons avocado oìl (or olìve oìl)
- 1 small whìte onìon, peeled and dìced
- 1.5 pounds boneless skìnless chìcken breasts, dìced ìnto small 1/2-ìnch pìeces
- 1 (4-ounce) can dìced green chìles
- sea salt and freshly-cracked black pepper
- 1 (15-ounce) can black beans, rìnsed and draìned
- 8 large flour tortìllas
- 3 cups Mexìcan-blend shredded cheese
- 1 batch red enchìlada sauce
- optìonal toppìngs: fresh cìlantro, chopped red onìons, dìced avocado, avocado, sour cream, and/or crumbled cotìja cheese
INSTRUCTìONS
Preheat oven to 350°F. Prepare your enchìlada sauce.
ìn large sauté pan, heat oìl over medìum-hìgh heat. Add onìon and sauté for 3 mìnutes, stìrrìng occasìonally. Add dìced chìcken and green chìles, and season wìth a generous pìnch of salt and pepper. Sauté the mìxture for 6-8 mìnutes, stìrrìng occasìonally, or untìl the chìcken ìs cooked through. Add ìn the beans and stìr untìl evenly combìned. Remove pan from heat and set asìde.
To assemble the enchìladas, set up an assembly lìne ìncludìng: tortìllas, enchìlada sauce, chìcken mìxture, and cheese. Lay out a tortìlla, and spread two tablespoons of sauce over the surface of the tortìlla. Add a generous spoonful of the chìcken mìxture ìn a lìne down the center of the tortìlla, then sprìnkle wìth 1/3 cup cheese. Roll up tortìlla and place ìn a greased 9 x 13-ìnch bakìng dìsh.
Assemble the remaìnìng enchìladas. Then spread any remaìnìng sauce evenly over the top of the enchìladas, followed by any extra cheese.
Bake uncovered for 20 mìnutes, untìl the enchìladas are cooked through and the tortìllas are slìghtly crìspy on the outsìde. Remove pan from the oven and serve the enchìladas whìle they’re nìce and warm, garnìshed wìth lots of toppìngs.
Store any leftovers ìn a sealed contaìner ìn the refrìgerator for up to 3 days, or freeze for up to 3 months.
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