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 Ranch Chicken Potato Foil Packets
Cheesy Ranch Chicken Potato Foil Packets are a campfire favorite. This simple and comforting dinner will keep your campers happy all summer!
We spent all our extra money on cutting-edge water purifiers, tiny gas burning stovetops, super tools with 50 gadgets in one, and all sorts of itty bitty multipurpose backpacking equipment.
We would map out a loop through the forest, hopefully crossing a few high points with incredible views. We would make our own camp, pump our own water, and cook dinner in the woods. Then hike back out the next day. These were very fun, and sometimes challenging, adventures.
Cheesy Ranch Chicken Potato Foil Packets, a great dinner idea for camping, tailgating, and grilling in the park!
Ingredients:
- 1 pound boneless skinless chicken breast
- 1 pound golden new potatoes
- 1 large red bell pepper
- 1 small red onion
- 2 tablespoons olive oil
- 1 ranch dip seasoning packet
- 8 (3/4 ounce) slices Land O Lakes® White Deli American
- 2 tablespoons chopped parsley
- Salt and pepper
Directions:
- Slice the potatoes into 1/3 inch slices. Cut the bell pepper and peeled onion into 1 inch pieces. Place the chopped veggies in a bowl. Mix in the olive oil and the ranch seasoning packet. Toss to coat.
- Lay four 14 X 18 inch pieces of foil out on the counter. Divide the vegetables evenly between the foil pieces, piling them in the middle of each piece.
- Chop the chicken into 1 inch chunks. Season liberally with salt and pepper. Then pile the chicken pieces evenly on top of the veggie piles.
- Lift the long ends of the foil over each chicken and vegetable stack and neatly fold them together at least three times, so they stay secure. Then fold the shorter ends toward the center at least three times each, on both sides. The packets should be tightly secured on all sides. Refrigerate or place in an ice chest until ready to grill.
- When ready to cook, preheat a grill to high heat, between 500 – 600 degrees. Once hot, place the packets on the grill and cook for 20 minutes.
- Remove the foil packets with tongs and carefully open them up. Then place two slices of Land O Lakes® White Deli American and a sprinkle of chopped parsley over each packet. Set them back on the grill for 1-2 minutes, just long enough for the cheese to melt. Serve warm!
- NOTES: We have often taken these packets on overnight backpacking trips to cook over a camp fire. When packing light, you can put the cheese slices and parsley over the top of the chicken prior to cooking. However some of the cheese will stick to the top of the foil when you open them up.
- Make sure to place all four packets in a large zip bag before storing in your backpack.
- For campfire cooking: Place the packets down in the hot embers for 15-20 minutes, Remove with tongs (or a long stick.) Open and enjoy!
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