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!
Biscuit Chicken Pot Pie
Chicken Pot Pie is one of the best comfort foods around. Our family sure loves it. We are trying to simply things by taking this classic and giving it a ‘semi-homemade’ hack by using Grand biscuits. With flavors you know and love, it really doesn’t get easier than this.
Shredded chicken from a rotisserie chicken is perfect for this recipe, and such a time saver. Are you a fan of the rotisserie chicken? I totally am! Sometimes I’ll pick up two, shred both of them and then just freeze one. It’s always a nice to have on hand especially for recipes like this.
So here’s the thing…my first attempt with this recipe, the biscuits did not fully cook. The top half did, but the bottom half of the biscuits were still dough-y. Here’s the solution: pre bake the biscuits on a sheet pan lined with parchment paper. It’s helpful to precook the biscuits for half the time and then place them on top of the chicken mixture with the opposite side up to finish baking. This way both sides bake evenly. Because the chicken and veggies are already cooked, it’s just the biscuits that need to bake completely.
Ingredients
- 1 can of Pilsbury Grands Biscuits 8 biscuits
- 2 tablespoons butter
- 1 small package of frozen veggie mixture: carrots peas, corn and green beans
- 2 chicken breasts cooked and shredded
- 2 cups chicken broth plus more if desired
- 1 regular can of Cream of Chicken Soup
- salt and pepper to taste
Instructions
- Preheat the oven to 400 degrees.
- In a large sauce pan heat the butter on medium heat. Add the veggie mixture to the pan and saute until the veggies are tender, about 5-7 minutes. Season with salt and pepper to taste.
- Whisk in the chicken broth and the Cream of Chicken soup. Let the sauce simmer for 1 minute to thicken. Season with more salt and pepper to taste.
- Turn off the heat and add the cooked shredded chicken to the mixture, stirring until the filling is well-combined. If the filling is too thick, stir in extra chicken broth.
- On a parchment lined sheet pan bake the biscuits for half of the time listed on the can for a “pre-bake”. Take them out of the oven.
- Pour the filling into a buttered 13x9-inch baking dish. Top the filling with the 8 biscuits (partially baked), flip them over top to bottom to unsure even baking on the other side. Bake for an additional 10 minutes, until the biscuits are golden brown and the filling is bubbly. Cool for 5 minutes before serving. Enjoy!
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