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 Spinach Dip Chicken Pasta
Cheesy Spinach Dip Chicken Pasta
Cheesy Spinach Dip Chicken Pasta – your new favorite dinner! Spinach dip and pasta get together to create one cheesy and creamy dish! You need to make it!
Cheesy Spinach Dip Chicken Pasta Recipe
Prep Time 15 mins
Cook Time 20 mins
Total Time 35 mins
Cheesy Spinach Dip Chicken Pasta – your new favorite dinner! Spinach dip and pasta get together to create one cheesy and creamy dish! You need to make it!
Course: Dinner
Cuisine: American
Servings: 4 people
Calories: 261 kcal
Author: Anna@CrunchyCreamySweet
Ingredients
- 2 and 1/2 cups uncooked penne rigate
- 2 chicken breasts
- salt
- pepper
- 2 Tablespoons all-purpose flour
- 1/2 cup sour cream or Greek yogurt
- 4 oz cream cheese softened
- 1/4 cup half and half or whole milk
- 1 pkg dry Ranch mix
- 5 oz frozen spinach or half of a batch of fresh
- 1 and 1/4 cup shredded mozzarella cheese
US Customary - Metric
Instructions
- Butter a 2 quart baking dish. Set aside.
- Cook pasta according to the instructions on the packaging. Drain and keep warm.
- Dice chicken, season with salt and pepper. Sprinkle flour over chicken and toss to coat.
- Heat olive oil in a large skillet. Add chicken and cook until no longer pink.
- Meanwhile, in a large mixing bowl, mix together sour cream, cream cheese, Ranch mix, half and half and spinach.
- Add cooked pasta and chicken to the spinach mixture and stir all together. Transfer the mixture into the prepared dish.
- At this point, you can cover the dish with saran wrap and refrigerate until ready to serve.
- If serving right away, top the dish with cheese and bake for 10 minutes at 375 degree F oven. The cheese should be melted. You can then turn the oven to broiler (on low setting) and broil for 2 to 3 minutes or until the cheese bubbles up and gets golden brown spots.
- Let stand in room temperature for 10 minutes before serving.
Recipe Notes
You can use fresh or frozen spinach in this dish. I tried both and didn’t notice much difference. Go with fresh is it’s in season and frozen when you can’t find it.
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