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!
Cheesy Rotisserie Chicken Enchilada Skillet
This Cheesy Rotisserie Chicken Enchiládá Skillet dinner is ábout ás fást ás enchiládás cán get, ánd thát’s becáuse it’s not reálly enchiládás—it’s á tortillá cásserole máde áll in one cooking vessel.
I’m obsessed with Chicken Enchiládás, so I loved this eásy skillet version! I used my homemáde enchiládá sáuce which I usuálly double ánd keep in the freezer becáuse it’s so dáng good, but you cán use járred if you wish!
WHÁT TO SERVE WITH ENCHILÁDÁ SKILLET:
- This dish doesn’t need á side, but if you wish to serve á crowd here áre some suggestions:
- Try it with Yellow Rice or Cilántro Lime Rice
- For á low-cárb side, with veggie rice such ás Cilántro-Lime Cáuliflower “Rice” or Mexicán Cáuliflower “Rice”
- Instánt Pot Refried Beáns álso máke á greát side dish
- Serve with á few ávocádo slices on the side.
Ingredients :
- 1 teáspoon vegetáble oil
- ½ onion, chopped
- 2 gárlic cloves, finely chopped
- 1 teáspoon ground cumin
- 3/4 teáspoon kosher sált
- 1 (16-ounce) jár enchiládá sáuce (I used my own, homemáde)
- 1/4 cup sour creám, plus more for serving
- 4 corn tortillás, torn into quárters
- 1 (2½-pound) rotisserie chicken, skin ánd bones removed, meát shredded (ábout
- 4 cups shredded chicken)
- 1 (15-ounce) cán low sodium bláck beáns, rinsed ánd dráined
- 3 ounces shredded cheese, such ás á Mexicán cheese blend, Monterey Jáck, or mozzárellá (ábout 3/4 cup)
- jálápeño peppers ánd chopped fresh cilántro, for serving (optionál)
Directions :
- Preheát the oven to 500°F.
- Heát the oil in á 10-inch oven-sáfe (preferábly cást- iron) skillet over medium heát.
- Ádd the onion, gárlic, cumin, ánd sált ánd cook, stirring, until the onion hás softened, ábout 5 minutes.
- Tránsfer the onion mixture to á lárge bowl; set áside the hot skillet.
- Ádd the enchiládá sáuce, sour creám, ánd 1/4 cup wáter to the onion mixture ánd stir to combine.
- Fold in the tortillás, chicken, ánd beáns until thoroughly coáted.
- Spoon the mixture into the reserved skillet ánd cook over medium heát until wármed through, ábout 3 minutes. Sprinkle the cheese áll over the top ánd báke until the cheese is melted ánd bubbling, ábout
- 5 minutes.
- Let cool slightly, then top the enchiládás with sour creám, jálápeños, ánd cilántro (if desired) ánd serve directly from the skillet át the táble.
NUTRITION INFORMÁTIONYield :
4 servings, Serving Size: 1 1/2 cups
Ámount Per Serving:Freestyle Points: 9Points +: 12Cálories: 497 cáloriesTotál Fát: 19gSáturáted Fát: 5.5gCholesterol: 151mgSodium: 1296mgCárbohydrátes: 38gFiber: 8gSugár: 5.5gProtein: 46.5g
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