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!
LEMON CHICKEN RICE SOUP
LEMON CHICKEN RICE SOUP
Here’s a Lemon Chicken Rice Soup recipe that is just like the Greek Lemon Chicken Rice Soup you order in a good Greek restaurant.
I don’t go out for fast food all that often, but Greek food is a big-time draw when I do. Gyros, garlic dip and Lemon Chicken Rice Soup are my favorites. This soup is such a great copycat from my favorite Greek restaurant.
The texture of this soup is thick and creamy, though it’s completely low fat. Added chicken and rice make this soup filling and satisfying. And the lemon gives it a satisfying tangy flavor. and this it popular recipe.
INGREDIENTS
- 7 cups fat free chicken broth
- 1 cube chicken bouillon
- 1/2 cup uncooked white rice
- 1/3 cup diced carrots
- 1/3 cup diced celery
- 1/3 cup finely chopped onion
- 1 1/2 cups cooked chicken breast chopped
- 2 tablespoons butter
- 2 tablespoons all purpose flour
- 2 large eggs
- 4 tablespoons freshly squeezed lemon juice
- salt and pepper to taste
- lemon slices for garnish
- sliced green onions for garnish
INSTRUCTIONS
- In a large saucepan, combine the chicken broth, bouillon, rice, carrots, celery and onion. Bring to a boil. Reduce heat; cover and simmer for 20 minutes, or until rice and vegetables are tender. Stir in the chicken. Remove from heat and set aside.
- In a small saucepan, melt the butter over medium heat. Whisk in the flour. Cook 1 minute, whisking constantly, until smooth and bubbly. Gradually whisk in 2 cups of the broth; cook until slightly thickened, whisking constantly. Remove from heat and set aside.
- In a small bowl, beat the eggs until frothy. Gradually beat in lemon juice and 2 cups of the thickened broth mixture. Slowly add the egg mixture to the rest of the broth mixture in the large saucepan, stirring constantly. Heat gently until the soup thickens enough to coat a spoon, stirring frequently (do not boil). Add salt and pepper to taste.
- Ladle into soup bowls and garnish each with a lemon slice and a sprinkle of green onions.
RECIPE NOTES
3 Weight Watchers Freestyle SmartPoints per serving.
Points Plus Program: 4 Old Points Program: 3.5
If you are preparing this recipe as GLUTEN FREE, please make sure that you are using brands of the following ingredients that are known to be GF: chicken broth and bouillon. Also sub GF flour or an alternative thickener for the all-purpose flour.
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