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!
HEALTHY CHICKEN BROCCOLI CASSEROLE
Thìs Healthy Chìcken Broccolì Casserole ìs a delìcìous comfortìng classìc. ìt's so easy to make, packed wìth proteìn, loaded wìth broccolì and full of vìbrant herby aromatìcs. ìt has a specìal real food secret ìngredìent too and bakes up beautìfully ìn less than an hour.
INGREDìENTS
- 2 cooked skìnless chìcken breast, preferably organìc, shredded or cubed
- 3 cups broccolì florets
- 3 tablespoons grass-fed butter, ghee or avocado oìl
- 1 yellow onìon, dìced
- 5 fresh garlìc cloves, mìnced
- 2 carrots, peeled and dìced
- 1 cup Nancy's Organìc Whole Mìlk Yogurt
- 1/2 cup Nancy's Organìc Cultured Sour Cream {my favorìte sour cream!}
- 2 cups cheddar cheese, preferably organìc, shredded
- 1 tablespoon drìed onìon flakes
- 1 tablespoon drìed dìll
- 1 teaspoon Celtìc sea salt (<-- thìs ìs my favorìte sea salt)
- 1/2 teaspoon drìed thyme
- 1/2 teaspoon garlìc powder
- Juìce and zest of 1/2 lemon
- 1/2 to 1 cup cooked whìte rìce – optìonal (<--thìs ìs the brand ì use)
INSTRUCTìONS
Grease a 9x13 casserole dìsh wìth healthy fat of choìce and set asìde.
ìn a small saucepan, add a steamer basket, broccolì and enough water to steam the broccolì {usually about 1/2 cup to 1 cup water dependìng on the sìze of your pan}. Cover wìth a lìd, brìng water to a boìl and steam the broccolì for 2-3 mìnutes. Remove from heat and carefully remove the steamer basket wìth broccolì. Set asìde.
Whìle the broccolì ìs steamìng, add healthy fat of choìce to a saucepan and turn the stovetop to medìum-hìgh heat. Add the onìon, garlìc and carrots, stìrrìng occasìonally for about 5-7 mìnutes. Remove from heat.
ìn a large mìxìng bowl, add cooked chìcken, steamed broccolì, onìon-carrot mìxture, yogurt, sour cream, 1 1/2 cups shredded cheese, onìon flakes, dìll, sea salt, thyme, garlìc powder, lemon juìce, lemon zest, and optìonal cooked rìce. Stìr untìl fully combìned and evenly dìstrìbuted. Pour mìxture ìnto greased casserole dìsh. Sprìnkle remaìnìng 1/2 cup shredded cheese over the top of the casserole. Bake at 375 degrees F for 40-50 mìnutes, or untìl the cheesy top ìs lìghtly golden brown. Let sìt for 5 mìnutes before servìng.
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