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!
EASY CROCKPOT CREAMY CHICKEN ENCHILADA CHILI
EASY CROCKPOT CREAMY CHICKEN ENCHILADA CHILI
A simple and tasty creamy slow-cooked chicken enchilada chili. No cream of “x” soups needed!
I’ve
Easy Crockpot Chicken Enchilada Chili
Prep Time 10 mins
Total Time 10 mins
Course: Dinner
Cuisine: Mexican
Servings: 6 servings
Calories: 425 kcal
Author: Chelsea
Ingredients
- 1 can (10 ounces) red enchilada sauce*
- 1 can (14.5 ounces) petite diced tomatoes with green chilis**
- 1 can (15 ounces) chili beans in mild chili sauce
- 1 can (15 ounces) black beans drained and rinsed
- 1 can (15 ounces) corn drained
- 1 and 1/2 pounds boneless skinless chicken breasts ~2-3 large breasts
- 2 cups chicken stock or chicken broth
- 1 package (8 ounces) cream cheese very soft
Seasonings
- 1/2 teaspoon ground cumin
- 3/4 teaspoon paprika
- 1 teaspoon seasoned salt
- 1/4 teaspoon pepper
- 1 and 1/2 tablespoons chili powder
Toppings: sour cream, freshly grated cheddar cheese, avocado, fresh lime, and fresh cilantro
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Instructions
- In a large crockpot (I use a 6 quart crockpot), add in the enchilada sauce, undrained tomatoes, undrained chili beans, drained and rinsed black beans, drained corn, and uncooked chicken breasts.
- I like to cut each chicken breasts into 2-3 pieces after removing the fat only if I'm cooking this on high (cooks faster/more evenly in my crockpot).
- Add in the chicken stock and all of the seasonings. Stir well.
- Cover and place on high for 3-5 hours (or until chicken will easily shred) or low for 5-8 hours (again, until chicken will shred easily)
- Remove the chicken from the crockpot and shred in another bowl using two forks.
- Meanwhile, cube the cream cheese into small cubes (it should be very softened -- melt in microwave) and put them in the crockpot. Stir well and cover. Change temperature to high. Let it sit for a few minutes and then using a large whisk, briskly whisk the cream cheese to melt.
- Add the shredded chicken back into the crockpot. Stir and cover. Cook on high until all the cream cheese is completely melted. Stir.
- Serve with sour cream, cheddar cheese, avocado, and fresh cilantro as desired. If you only do one topping, to me, cheddar cheese is a MUST!
Recipe Notes
*I've used Rosarita brand, Old El Paso, and Great Value brand (medium and mild, medium preferred for us, but use what you like best) **You can use just plain diced tomatoes if desired, it still tastes great!
Inspired by restaurant Zupas’s chicken enchilada chili
