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!
Crock Pot Chicken and Stuffing
Extra-juicy chicken and savory stuffing simmer together in the crock pot with your favorite vegetables for an easy, comforting meal that the family will love!
Welcome welcome, to one of the most popular recipes on the blog! You must have really good taste to have landed here. 😉 I suggest slapping a bookmark on this recipe now and calling it a day, because you will be back to make this again.
Extra juicy chicken and savory stuffing simmer together in the crock pot with your favorite vegetables for an easy, comforting meal that the family will love!
Ingredients
- 4 boneless skinless chicken breasts, salted and peppered if desired.
- 1 teaspoon dry parsley
- 10.5 oz. cream of chicken soup
- 8 oz. sour cream, (equivalent to 1 cup)
- 6 oz. box stuffing mix
- ¾ cup chicken broth
- 2 cups green beans, fresh or frozen
- 1 cup baby carrots
- Optional stuffing additions:
- 1/2 cup onions, diced
- 1/2 cup celery, diced
- 1/4 cup dried cranberries
- 1/2 cup crumbled sausage, (cooked or raw)
- 2 teaspoons dry rosemary
Instructions
- Place the chicken on the bottom of the crock pot and sprinkle with salt and pepper if desired.
- In a large bowl, mix together the soup, sour cream, stuffing, and half of the broth. Layer the stuffing mix over the chicken.
- To keep the vegetables separate from the stuffing, place a layer of foil over the stuffing, then place your vegetables on top of the foil. Poke holes on the bottom of the foil to allow the moisture to circulate instead of collecting on the top of the foil. You can also layer the vegetables right on top of the stuffing if you’d prefer.
- Cook on high for 4 hours, or on low for 6-7.
- Before eating, check on the stuffing. If you’d prefer additional moisture, add the rest of the chicken broth, stir, and heat for an additional 10 minutes.
- Recipe Notes
- I personally like to stir the stuffing mixture occasionally to gauge the moisture level, but this isn’t necessary.
- If the stuffing seems too moist for your liking, leave the lid off the crock pot for the last 30-40 minutes of cooking, or until your desired consistency is achieved. You can also pop it in the oven to firm it up a bit if needed. (I never need to, but people’s texture preferences vary.)
- Nutritional facts include the optional ingredients listed as well.
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