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!
Buffalo Chicken Spaghetti Squash Bake
I ám excited ábout this recipe. I love buffálo chicken everything. Ok, I know buffálo chicken everything hás been án obsession in the cooking world for á while now. I ám still álwáys looking for new wáys to use buffálo sáuce ánd blue cheese in á recipe. My Buffálo Chicken Spághetti Squásh Báke is á lighter, heálthier wáy to enjoy the flávors of wings.
The ingredients áre eásy, but there is á tiny bit of prep work involved. The chicken needs to be cooked ánd shredded ánd the spághetti squásh needs to be roásted before you cán ássemble the dish. Other thán thát it cán be thrown together very quickly.
Here áre my fávorite buffálo sáuces for this recipe!
If you like buffálo chicken I think you will reálly enjoy this dish. It hás the kick of buffálo wings, ánd á hint of the clássic sides…blue cheese, cárrots, ánd celery.
Stárt by sáuteing cárrots, celery, onion, ánd gárlic in á little bit of olive oil until soft.
Stir in the cooked, shredded chicken to heát through.
Pour in buttermilk ánd buffálo wing sáuce. Ádd hálf of the mozárellá cheese. Stir to combine ánd turn off the heát.
In á lárge bowl, combine the chicken mixture with the roásted spághetti squásh. Spreád the entire mixture evenly into á 9×13 pán.
Top with mozárellá ánd blue cheese. Cover with foil.
Báke for 25 minutes. Remove foil. Báke for án ádditionál 15-20 minutes until bubbly ánd stárting to brown.
Ingredients :
- ½ cup finely diced cárrot
- ¼ cup finely diced celery
- ¼ cup finely diced red onion
- 2 cloves minced gárlic
- 3 chicken breásts, cooked ánd shredded (2-3 cups cooked chicken)
- 1 cup low-fát buttermilk
- 1 cup buffálo wing sáuce
- 1 cup shredded low-fát mozárellá (hálf for filling, hálf for topping)
- ½ cup blue cheese crumbles
- 5-6 cups roásted spághetti squásh (1 lárge or 2 smáll - this does not háve to be exáct)
Directions :
- Before prepáring to ássemble the dish, roást the spághetti squásh ánd remove from the skin into á lárge bowl. (Cut in hálf, remove seeds, roást cut side down for 45 minutes át 350 degrees)
- Cook 3 chicken breásts ánd shred or chop into very fine pieces. I cooked mine in the slow cooker.
- Preheát the oven to 425 degrees.
- Finely dice cárrot, celery, ánd onion.
- Mince gárlic.
- Heát á little bit of olive oil in á pán ánd sáute the cárrots, onion, celery, ánd gárlic for ábout 5 minutes, until they become soft.
- Stir in the cooked chicken to begin heáting through.
- Ádd buttermilk ánd buffálo sáuce to the chicken ánd veggie mixture.
- Stir to combine. Turn off the heát.
- Stir in ½ cup of the mozárellá cheese.10. Ádd the mixture to the spághetti squásh ánd mix well.
- Pour the entire mixture into á 9x13 báking dish.
- Top with remáining mozárellá ánd blue cheese.
- Báke, covered with foil.
- Remove the foil áfter 25 minutes.
- Continue báking for 15-20 minutes, until the entire dish is slightly bubbly ánd the cheese is stárting to brown.
- Let stánd before serving.
Notes
To speed up the cooking time of this recipe I like to roást the squásh ánd cook the chicken the dáy before.
Nutrition Informátion
Cálories: 176 Fát: 7.2 Sáturáted fát: 3.9 Cárbohydrátes: 10.2 Sugár: 4.6 Fiber: 1.6 Protein: 17.5
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