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 & Broccoli Alfredo Stuffed Shells
If you need a delicious dinner for your family tonight then look no further. These Chicken & Broccoli Alfredo Stuffed Shells are a family-favorite and easy to make!
Shredded chicken and broccoli are combined with Alfredo sauce and stuffed inside jumbo pasta shells. So quick, easy and so good! I changed just a few things from her recipe. It was a busy day so I used store bought Alfredo to save on time. I know, I know- homemade is 100 million times better, so next time I make it I’ll be making the homemade. I also added garlic powder to the chicken for extra flavor. It was one tasty dinner and the leftovers the next day were even better!
CHICKEN & BROCCOLI ALFREDO STUFFED SHELLS RECIPE
INGREDIENTS- 1 (12 oz.) box Jumbo Shells
- 2 cups cooked, shredded chicken
- 1/4 teaspoon garlic powder
- Salt and pepper, to taste
- 1 (12 oz.) bag frozen broccoli florets (steamed then chopped)
- 1 (16 oz.) jar Alfredo sauce OR use the homemade Alfredo recipe below
- 1 cup shredded Mozzarella cheese
- 1/2 cup grated Parmesan cheese
ALFREDO SAUCE- 3 tablespoons unsalted butter
- 3 cloves garlic, minced
- 1 cup heavy cream
- 1 1/4 cups whole milk
- 2/3 cup freshly shredded Parmesan
- 3/4 cup freshly shredded Mozzarella cheese
- Salt and pepper, to taste
INSTRUCTIONS- Cook pasta shells according to package instructions, just until al dente. Drain water and lay shells out on a large cookie sheet lined with parchment paper. Let shells cool completely.
FOR HOMEMADE ALFREDO SAUCE- Combine butter, garlic, heavy cream and milk in a saucepan over medium heat. Bring to a simmer. Remove from heat and stir in Parmesan and Mozzarella cheese. Season with salt and pepper, to taste.
FOR STUFFING SHELLS: - In a large bowl add chicken, garlic powder, salt and pepper and chopped broccoli.Toss to combine.
- Pour in 1 cup Alfredo sauce and stir together.
- Add a spoonful of Alfredo sauce to the bottom of a greased 9x13-inch baking pan.
- Fill shells with a large spoonful of chicken and broccoli mixture and place in prepared pan.
- Pour remaining Alfredo sauce evenly over the shells. Sprinkle tops with Mozzarella and Parmesan cheese.
- Bake, uncovered, at 350 degrees F. for 25 minutes or until warm and bubbly. Serve and enjoy!
Recipe Adapted : Chicken & Broccoli Alfredo Stuffed Shells @ tastesbetterfromscratch
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