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!
CHICKEN NOODLE CASSEROLE
Chicken Noodle Casserole
Chicken Noodle Casserole is filled with chicken, veggies and noodles- just like the famous soup! This casserole is a family favorite!
This Chicken Noodle Casserole has all the elements of the classic, comforting soup and more! It is positively perfect to serve on a cold winter’s night, or whenever you’re in need of some yummy comfort food without a lot of fuss.
A rotisserie chicken works wonders in this recipe! Or just make sure to plan ahead because the recipe calls for pre-cooked chicken. Other than that, the prep is about 5 minutes, but tastes like you spent hours in the kitchen. It is so so good!
This recipe just gives me one more reason why I love casseroles. They’re easy, delicious, and the leftovers the next day are even better!
CHICKEN NOODLE CASSEROLE
Serves 6
This comforting and delicious casserole has all the elements of the classic soup and more! This is a family-favorite!
Prep Time 10 min
Cook Time 30 min
INGREDIENTS
- 2 cups uncooked egg noodles
- 2 cups cooked, shredded chicken
- 1 (10 oz.) package frozen peas and carrots
- 1 (10 oz.) package frozen corn
- 1 cup milk
- 1 (10 oz.) can cream of chicken soup
- 1 (10 oz.) can cream of mushroom soup
- salt and pepper, to taste
- 1/2 Tablespoon dried minced onion
- 2 Tablespoons melted butter
- 1/2 teaspoon garlic powder
- 1/2 teaspoon Italian seasoning (optional)
INSTRUCTIONS
- Preheat oven to 350° F. Spray a 9x13 inch baking dish with nonstick spray.
- Boil egg noodles according to package directions. Drain water.
- Meanwhile, in a large bowl combine all the other remaining ingredients. Add cooked noodles to mixture. Gently stir to combine everything. Pour into prepared baking dish. Cover with foil.
- Bake 30 minutes or until heated through. Remove from oven and let stand 5 minutes before serving. Enjoy!
NOTES
*Plan ahead! This recipe calls for pre-cooked chicken. A rotisserie chicken works wonders for this recipe. Or I like to bake 2 chicken breasts for 30 minutes then shred before adding it to this casserole.
By Holly
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