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!
Slow Cooker Chicken Parm Meatballs
Want the cheesy, tomato-y goodness of chicken Parmesan without all the breading and frying? With the help of ground chicken and the slow cooker, you can make these juicy meatballs instead.
You'll end up with all the comforting flavors of chicken Parm, in cute meatball form — ready to be stuffed into rolls as subs or ladled onto pasta or soft, creamy polenta.
INGREDIENTS :
- 2 (23- to 25-ounce) jars marinara sauce (about 5 cups total), divided
- 2 large eggs
- 1/2 cup panko breadcrumbs
- 1/3 cup finely grated Parmesan cheese, plus more for serving
- 1/2 cup minced yellow onion
- 1/3 cup coarsely chopped fresh parsley or basil leaves, plus more for serving
- 3 cloves garlic, minced
- 1 tablespoon kosher salt
- 1 teaspoon dried oregano
- 1/2 teaspoon freshly ground black pepper
- 2 pounds ground chicken, preferably dark meat
- 2 cups shredded part-skim mozzarella cheese (optional)
INTRUCTIONS :
- Pour half of the marinara sauce in a 6-quart or larger slow cooker; set aside.
- Place the eggs in a large bowl and whisk with a fork to break them up. Add the panko, Parmesan, onion, parsley or basil, garlic, salt, oregano, and pepper and stir to evenly moisten and combine. Add the ground chicken and, using clean hands, mix everything until combined (don’t squeeze or overwork the mixture).
- Fill a medium bowl with water. Form the meat mixture into 1 1/2-inch meatballs (2 tablespoons each), wetting your hands in the bowl of water as necessary to keep the mixture from sticking. As each meatball is formed, place in the sauce (you will have about 1 1/2 layers of meatballs). Pour the remaining marinara sauce evenly over the meatballs.
- Cover and cook on the LOW setting until the meatballs are cooked through and the flavors meld, 6 to 8 hours. Sprinkle with the mozzarella cheese and cook covered in the last 15 minutes if desired. Sprinkle with more parsley or basil and serve with more Parmesan.
- Recipe Notes
- Make ahead: The meatballs can be formed and frozen on a baking sheet before cooking. Transfer the frozen meatballs to a freezer bag and cook directly from the freezer. The meatballs and sauce can also be assembled in the slow cooker and refrigerated overnight before cooking.
- Broiling the meatballs: Broil the meatballs before cooking to give your sauce more flavor. Broil on a rimmed baking sheet, flipping the meatballs once or twice, until they are browned on all sides before placing in the slow cooker.
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