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!
Healthy Chipotle Chicken Sweet Potato Skins
You guys are going to love these HEALTHY chipotle chicken sweet potato skins, but first, I have a serious question for you guys.
Does your computer have a smudge of chocolate on the space bar, a tomato stain on the outside case and what I think is yogurt from those Greek Chicken Gyros I made smeared across the track pad? (Seriously, so good, I am pretty sure they were sent down from the Greek gods themselves. Thank you Zeus!)
Come on don’t tell me it is just me. I try to keep my computer clean, like really clean. I cherish the desk it sits on. Really, I LOVE my computer. It’s how I communicate with you guys, it’s how I watch TV, how I read (blogs, at least), how I develop recipe ideas and get inspiration, how I edit photos. I could go on an on, really I could, but my guess is you do not care.
Sweet, spicy and cheesy, a healthy comfort food.
INGREDIENTS
- 3 medium sweet potatoes
- 3/4 pound boneless skinless chicken breast about 2 small
- 1/4 cups olive oil
- 2 tablespoon fresh lime juice
- 2 cloves garlic minced or grated
- 3 whole chipotle pepper minced
- 1 teaspoon dried oregano
- 1 teaspoon cumin
- 2 teaspoons chili powder
- salt and pepper
- 2 cups spinach half a 10oz bag
- 5 ounces sharp white cheddar cheese grated
- chopped cilantro for garnish
- greek yogurt for serving
INSTRUCTIONS
- Preheat your oven to 350 degrees. Wash your sweet potatoes and prick all over with a fork. Place in the oven and bake for 50-60 minutes or until fork tender. Place your chicken in a baking dish and rub with a tablespoon of olive oil, salt and peper. Place in the oven with the potatoes and bake for 25 minutes. Allow to cool and shred the chicken with a fork or your hands. When the sweet potatoes are done cut in half and allow to cool for 5-10 minutes.
- In a medium size bowl combine the olive oil, lime juice, garlic, chipotle peppers, oregano, cumin, chili powder, salt and pepper. Set aside.
- Heat a small skillet over medium heat and wilt the spinach (this can also be done in the microwave). Toss the spinach and shredded chicken together, set aside and keep warm.
- Turn the oven up to 400 degrees. Scrape the sweet potato out of the peel, leaving a medium size layer of flesh inside with the peel so that it can stand up on its own (I reserved the remaining flesh, for another use) and place in a baking dish. Brush the skins with with a little of the chipotle sauce and bake for 5-10 muntes until nice and crisp. While the skins bake mix the spinach, chicken and chipotle sauce together. Remove skins from the oven and stuff with the chicken mixture, top with shredded cheese and bake for 10 minutes or until the cheese has melted and the skins are hot and crisp. Serve with fresh chopped cilantro and greek yogurt if desired.
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