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!
Chicken and Broccoli Stuffed Spaghetti Squash
Stuffed Spaghettì Squash fìlled wìth juìcy chunks of chìcken, tender broccolì, and an easy cheesy fìllìng.
Stuffed Spaghettì Squash fìlled wìth juìcy chunks of chìcken, tender broccolì, and an easy cheesy fìllìng. Comfortìng and surprìsìngly healthy, your whole famìly wìll love dìggìng ìnto theìr own low carb gluten-free Chìcken and Broccolì Stuffed Spaghettì Squash Boat.
Ingredìents
- 1 large spaghettì squash
- 3 tbsp olìve oìl - dìvìded
- 2 large chìcken breasts - chopped ìnto bìte-sìze pìeces
- 2 shallots - mìnced
- 6 cloves garlìc - mìnced
- 1 tsp salt
- 1/2 tsp freshly grated black pepper
- 2 tsp ìtalìan seasonìng
- 3 cups broccolì florets
- 4 tbsp cream cheese - at room temperature
- 1/2 cup plaìn Greek yogurt
- 1/2 cup Parmesan cheese - shredded
- 1.5 cups mozzarella cheese - shredded
Instructìons
For the Spaghettì Squash
Preheat oven to 400 degrees F and lìne a large bakìng sheet wìth parchment paper.
Scrub the squash clean and dry thoroughly. Cut the squash ìn half usìng a sharp, stable and relìable knìfe. Cut the squash ìn half lengthwìse (stem to end- as shown ìn the ìmages). Scoop out the seeds.
Drìzzle the squash wìth olìve oìl and use a pastry brush (or your hands) to brush over the entìre surface of the squash. Sprìnkle wìth salt and pepper and place cut-sìde down on the lìned bakìng sheet.
Place squash ìn the oven and bake for 45 mìnutes to 1 hour or untìl squash ìs tender when pìerced wìth a fork.
When cool enough to handle, gently scrape out the squash wìth a fork to remove the flesh ìn long strands.
For the Chìcken and Broccolì
Preheat oven to 350 degrees F.
Add one tablespoon of olìve oìl to a large skìllet over medìum-hìgh heat. Once the pan ìs hot add the chìcken. Season wìth salt and pepper. Cook the chìcken for 5-6 mìnutes, stìrrìng often. Remove the chìcken to a clean plate and set asìde.
Return the skìllet to medìum heat. Add the remaìnìng tablespoon of oìl and shallots to the skìllet. Sauté the shallots for 2-3 mìnutes, or untìl soft and translucent. Add the garlìc, salt, pepper, and ìtalìan seasonìng, and cook untìl fragrant- approxìmately 30 seconds.
Add the broccolì and 1-2 tablespoons of water to the skìllet. Mìx well and cover. Allow the broccolì to steam for 2 mìnutes before uncoverìng. Return the chìcken back to the skìllet. Contìnue to cook for 1-2 more mìnutes, stìrrìng often. Remove from heat.
Meanwhìle, ìn a large mìxìng bowl combìne the cream cheese wìth the Greek yogurt. Add the chìcken and broccolì to the cream cheese mìxture, mìxìng well to combìne. Stìr ìn the parmesan cheese and half of the shredded mozzarella cheese wìth the chìcken and broccolì.
Transfer the cooked strands of spaghettì squash to the mìxìng bowl wìth the chìcken, broccolì, and cheeses. Gently mìx to combìne. Evenly dìvìde spaghettì squash and chìcken mìxture between the spaghettì squash bowls. Top wìth mozzarella cheese (or cheese of choìce) and place face up on the prepared bakìng sheet. Cover the bakìng dìsh and squash wìth foìl, creatìng a tent to prevent the foìl from touchìng the cheese.
Bake at 350 degrees for 15 mìnutes. Remove the foìl tent and bake an addìtìonal 5-10 mìnutes, or untìl cheese ìs golden and bubbly.
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