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!
One Pan Sour Cream Chicken Enchilada Skillet
This One Pan Sour Cream Chicken Enchilada Skillet gives you all the flavor and deliciousness of hand-rolled sour cream chicken enchiladas without all the work! It’s cheesy, creamy, zesty and your family is going to love it!
Alright, folks here’s the deal. I love sour cream chicken enchiladas with a giant pink puffy heart, but I hardly ever make them. By the time dinnertime rears its ugly head, the last thing I want to do is attempt to roll up enchiladas (like these delicious green chile and cheese ones) while my toddler plays the part of Godzilla in my kitchen.
Cheesy, creamy, zesty and so much easier than spending your day rolling enchiladas up, this sour cream enchilada skillet become your new favorite weeknight meal!
Ingredients
- 3 tablespoons butter
- 3 tablespoons all purpose flour
- 2 cups chicken broth
- 1/2 teaspoon kosher salt
- 1/8 teaspoon chipotle chili powder optional
- 1/4 teaspoon oregano
- 4 ounces chopped green chiles
- 4 ounces chopped black olives
- 3 whole boneless skinless chicken breast halves
- 1 cup sour cream
- 12 whole corn tortillas cut into bite-sized pieces
- 2 cups colby-jack cheese grated
Instructions
- In a large skillet, heat butter over medium heat until melted. Stir in flour, cook for 1 minute and whisk in chicken broth. Continue stirring until smooth and thickened-- about 2-3 minutes.
- Stir chipotle chili powder, salt, oregano, green chiles and black olives into the sauce and place chicken breasts into pan. Bring to a simmer, reduce heat to low, cover and cook about 15 minutes or until chicken is cooked through.
- Remove chicken from pan, leaving the heat on low, and place chicken on a plate to shred into bite-sized pieces.
- Stir sour cream into the sauce and return chicken to the pan along with the tortillas. Stir until combined and top with grated cheese. Cover pan and cook for 5-8 minutes until bubbly and the cheese is melted
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