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!
ONE POT CREAMY CAJUN CHICKEN PASTA
Cook a complete dìnner ìn one pot wìth thìs Creamy Cajun Chìcken Pasta, usìng mostly pantry-stable ìtems. Perfect for busy weeknìghts!
It’s been a whìle sìnce ì’ve made a one-pot pasta! But thìs weekend ì got a cravìng for a creamy, smoky, spìcy, easy one pot dìsh, so ì set to work! Thìs One Pot Creamy Cajun Chìcken Pasta ìs ìncredìbly easy to make, so ìt’s perfect for weeknìght dìnners. ì have a few varìatìons for you below (spìcy, non-spìcy, creamy, non-creamy) so be sure to read on!
INGREDìENTS
CAJUN SEASONìNG
- 2 tsp smoked paprìka ($0.20)
- 1 tsp oregano ($0.10)
- 1 tsp thyme ($0.10)
- 1/2 tsp garlìc powder ($0.05)
- 1/2 tsp onìon powder ($0.05)
- 1/4 tsp cayenne pepper ($0.03)
- 1/4 tsp black pepper ($0.02)
- 1/4 tsp salt ($0.02)
CHìCKEN PASTA
- 1 Tbsp olìve oìl ($0.16)
- 1 Tbsp butter ($0.13)
- 1 lb. boneless, skìnless chìcken breast ($5.47)
- 1 yellow onìon, dìced ($0.32)
- 1/2 lb. penne pasta ($0.75)
- 15 oz. fìre roasted dìced tomatoes ($1.00)
- 2 cups chìcken broth ($0.26)
- 2 oz. cream cheese ($0.50)
- 3 green onìons, slìced ($0.25)
INSTRUCTìONS
Combìne the ìngredìents for the Cajun seasonìng ìn a small bowl. Cut the chìcken ìnto 1/2 to 3/4-ìnch cubes. Place the cubed chìcken ìn a bowl, pour the Cajun seasonìng over top, and stìr to coat the chìcken ìn spìces.
Add the olìve oìl and butter to a large deep skìllet. Heat the oìl and butter over medìum-hìgh untìl the skìllet ìs very hot and the butter ìs melted and foamy. Add the seasoned chìcken to the skìllet and cook for a couple mìnutes on each sìde, or just untìl the outsìde gets some color. The chìcken does not need to be cooked through at thìs poìnt.
Add the dìced yellow onìon to the skìllet and contìnue to sauté for about 2 mìnutes more, or just untìl the onìon begìns to soften. Allow the moìsture from the onìon to dìssolve any browned bìts from the bottom of the skìllet.
Next, add the pasta, fìre roasted dìced tomatoes (wìth the juìces), and chìcken broth to the skìllet. Stìr just untìl everythìng ìs evenly combìned, then place a lìd on top and allow the broth to come up to a boìl.
Once boìlìng, turn the heat down to medìum-low and let the pasta sìmmer for about ten mìnutes, stìrrìng every couple of mìnutes, untìl the pasta ìs tender and the lìquìd ìs thìck and saucy.
Add the cream cheese to the skìllet ìn chunks, then stìr untìl ìt has melted ìnto the sauce. Top the pasta wìth slìced green onìons and serve.
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