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!
VEGETARIAN BUFFALO CHILI RECIPE
VEGETARIAN BUFFALO CHILI RECIPE
My vegetarian buffalo chili has become one of my family’s all time favorite dinners. It’s super easy because you essentially just dump everything in a slow cooker and forget it until it’s time to eat. You are in charge of how spicy or tangy you want it to be. It’s all in how much buffalo sauce you put into the recipe. My girls and I like a bit more spice so we add extra buffalo sauce during the preparation, and again to our own bowls once we dish it up. I like to serve buttered biscuits with this chili. It makes for a hearty meal, especially during the colder months.
The recipe is easily doubled as long as you have at least a 6 quart crockpot or bigger. I like to double the recipe and put half aside to cool a little before ladling into freezer bags. Freeze the bags laying flat for maximum space conservation. You can then stack the frozen bags both vertically and horizontally depending on your freezers storage needs.
To serve from frozen, simply pull a bag out in the morning to thaw in the refrigerator throughout the day. Can be warmed in the microwave using a microwave safe bowl or warmed on low heat on the stove top.
Ingredients
EQUIPMENT
- 3-4 quart (or larger) Slow Cooker
VEGETABLES
- 1 15oz can White Navy Beans drained & rinsed
- 1 15oz can Black Beans drained & rinsed
- 1 14.5oz can Fire Roasted Tomatoes lightly drained
- 2 cups Corn Kernels, frozen
- 1 cup Spinach, frozen or fresh *optional
- 4 cups Vegetable Broth
CONDIMENTS
- 1/4 -1/2 cup Buffalo Wing Sauce *based on taste preference
- 1 pkg Ranch Dressing powder mix
SEASONINGS
- 1/2 tsp Onion Powder
- 1/2 tsp Garlic Powder
- 1/2 tsp Celery Salt
- 1/2 tsp Cilantro, dried
- 1/4 tsp Salt
DAIRY
- 8oz pkg Cream Cheese
- GARNISHES
- Bleu Cheese crumbles *optional
- Corn Chips *optional
- Shredded Cheese *optional
- Sour Cream *optional
- Jalapeno Rings *optional
- Fresh Cilantro *optional
Instructions
- Add fire-roasted tomatoes to the slow cooker.
- Add ranch dressing mix & seasonings. Stir into tomatoes until well mixed. This prevents the powders from clumping when the liquids are introduced.
- Add all other ingredients except the cream cheese and garnishes. Stir to combine.
- Gently set the block of cream cheese on top of mixture. Don't stir. Cover.
- Cook on High for 4 hours or cook on Low for 8 hours.
- Stir to incorporate the cream cheese and add any additional buffalo sauce if desired.
- You can add some bleu cheese crumbles or corn chips to individual bowls if desired.
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