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!
CREAMY CROCKPOT WHITE CHICKEN CHILI
CREAMY CROCKPOT WHITE CHICKEN CHILI
This creamy white chicken chili is made super easy in your slow cooker! Creamy with plenty of spice, it’s the perfect companion on a chilly night!
There are so many varieties of chili out there, but this creamy white chicken chili will soon be your favorite! Just dump everything in your slow cooker and let it do the hard work for you!
CREAMY CROCKPOT WHITE CHICKEN CHILI
6 SERVINGS
prep time 5 MINS
cook time 8 HRS
total time 8 HRS 5 MINS
calories: 155 KCAL
author: THE CHUNKY CHEF
INGREDIENTS
- 1 lb boneless skinless chicken breasts trimmed of excess fat
- 1 yellow onion diced
- 2 cloves garlic minced
- 24 oz. chicken broth (low sodium)
- 2 15oz cans great Northern beans drained and rinsed
- 2 4oz cans diced green chiles (I do one hot, one mild)
- 1 15oz can whole kernel corn drained
- 1 tsp salt
- 1/2 tsp black pepper
- 1 tsp cumin
- 3/4 tsp oregano
- 1/2 tsp chili powder
- 1/4 tsp cayenne pepper
- small handful fresh cilantro chopped
- 4 oz reduced fat cream cheese softened
- 1/4 cup half and half
- TOPPINGS:
- sliced jalapenos
- sliced avocados
- dollop of sour cream
- minced fresh cilantro
- tortilla strips
- shredded Monterey jack or Mexican cheese
INSTRUCTIONS
- Add chicken breasts to bottom of slow cooker, top with salt, pepper, cumin, oregano, chili powder, and cayenne pepper.
- Top with diced onion, minced garlic, great Northern beans, green chiles, corn, chicken broth and cilantro. Stir.
- Cover and cook on LOW for 8 hours or on HIGH for 3-4 hours.
- Remove chicken to large mixing bowl, shred, then return to slow cooker.
- Add cream cheese and half and half, stir, then cover and cook on HIGH for 15 minutes, or until chili is creamy and slightly thickened.
- Stir well and serve with desired toppings.
RECIPE NOTES
Recipe inspired from The Cookie Rookie
