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 TORTILLA SOUP
SLOW COOKER CHICKEN TORTILLA SOUP IS THE PERFECT DUMP AND COOK SOUP THAT WILL KEEP YOU WARM AS THE WEATHER COOLS DOWN AND IT’S HEALTHY TO BOOT!
Slow Cooker Chicken Tortilla Soup is a quick and easy meal you’ll enjoy making no matter what the weather is, but you will love it even more this January because in addition to being delicious, it is healthy to boot!
Chicken Tortilla Soup is sort of a base soup people love to top with lots of different options. In our house we keep the soup flavors very kid friendly then we make a topping bar for the rest of the family to customize. Here are some add-in ideas:
- Spice it up! Adding a sprinkling of cayenne pepper or some chopped or sliced jalapenos will give you a definite punch of flavor.
- Avocados: Either as slices, diced or guacamole avocados are a great creamy topping for the soup.
- Dairy: Sour cream of course, but even a touch of heavy cream would be delicious. Don’t forget CHEESE!
You can of course leave the chicken out and swap the chicken broth for vegetable broth too. This makes a great vegetarian option. I’ve also grilled steak and sliced thinly or chopped it onto the soup so it stays tender.
Adding grains?
- You can start with a small serving of rice in your bowl and pour the soup over it or you can add the rice into the slow cooker. Rice is a natural pairing for the recipe.
- Quinoa: Quinoa would be a really great, healthy, addition to this dish. As with the rice adding in with the ingredients or seperately adding cooked quinoa would be a great option.
SLOW COOKER CHICKEN TORTILLA SOUP
Author: Sabrina from Dinnerthendessert.com
Recipe type: Soup
Cuisine: Mexican
Serves: 12 servings
- 3 chicken breasts, boneless skinless
- 1 packet fajita seasoning
- 1 medium onion, chopped
- 2 cans tomatoes with chilies
- 1 can black beans, rinsed
- 1 can corn, drained
- 1 red bell pepper, chopped
- 4 cups chicken broth
- 2 cloves garlic, minced
- 1 bay leaf
- 1 tablespoon chopped cilantro, for garnish
- 1 cup tortilla strips, for garnish
Add all the ingredients except the cilantro and tortilla strips to the slow cooker and mix.- Cook on low for 6 hours then shred the chicken and cook an additional 20 minutes.
- Serve with cilantro, tortilla strips or your favorite toppings like sour cream and avocad
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