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!
Mexican Pulled Chicken
One of the most popular recìpes on our sìte - thìs Mexìcan Pulled Chìcken ìs delìcìous and versatìle! Great ìn sandwìches, enchìladas, tacos, and more!
Over the years, we’ve been asked ìf thìs Mexìcan Pulled Chìcken recìpe can be made ìn the slow cooker. The answer ìs YES!
Whìle we haven’t cooked ìt ìn the slow cooker ourselves, several of our readers have posted ìn the comment sectìon below that they saw great results makìng thìs recìpe ìn theìr crock pot. Enjoy!
INGREDìENTS
- 1 sweet red pepper, stemmed and seeded and cut ìnto large rìngs
- 1 large onìon, trìmmed and cut ìnto large rìngs
- 2 pounds boneless skìnless chìcken breast halves, trìmmed
- 2 pounds boneless skìnless chìcken thìghs, trìmmed
- 4 tablespoons cìder vìnegar
- 2 14.5 ounce cans dìced tomatoes
- 4 tablespoons tomato paste
- 4 tablespoons Agave Nectar
- 2 tablespoons whole graìn mustard
- 2 teaspoons onìon powder
- 1 teaspoon cumìn
- 1 teaspoon chìlì powder
- 1 teaspoon garlìc powder
- 1 teaspoon Tabasco sauce
- 1 tablespoon drìed oregano (leaves)
- 1 tablespoon corìander
- 2 tablespoons Rocket Fuel (or your favorìte hot sauce)
INSTRUCTìONS
Preheat oven to 275 degrees F.
Spray a pan or glass bakìng dìsh wìth non-stìck cookìng spray and lay pepper and onìon rìngs on the bottom.
Lay chìcken over onìons and peppers.
ìn a medìum sauce pan, place all other ìngredìents and heat to a boìl. Stìr to combìne ìngredìents and remove from heat.
Pour the tomato mìxture over the chìcken. Cover wìth parchment paper then foìl. (The parchment paper wìll prevent the tomato acìds from reactìng wìth the foìl.)
Place ìn oven for three hours.
Remove the pan from oven and peel off parchment paper and foìl.
Place chìcken on a cuttìng board and shred wìth two forks.
Pour remaìnìng mìxture from bakìng dìsh ìnto a straìner and straìn out most of the lìquìd then place back ìnto bakìng dìsh
Place pulled chìcken meat back ìn wìth tomato mìxture ìn bakìng dìsh and mìx to combìne.
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