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!
ONE-POT CREAMY CHICKEN POT PIE NOODLES
ONE-POT CREAMY CHICKEN POT PIE NOODLES
The comfort of chicken pot pie without all of the work! My one-pot creamy chicken pot pie noodles are creamy, flavorful and best of all, filling!
One-Pot Creamy Chicken Pot Pie Noodles
Prep time 10 mins
Cook time 30 mins
Total time 40 mins
The comfort of chicken pot pie without all of the work! My one-pot creamy chicken pot pie noodles are creamy, flavorful and best of all, filling!
Author: Natalie
Yield: 6-8 servings
Ingredients
- 2 tbsp. unsalted butter
- 1 lb. chicken breasts, filleted and seasoned with salt and pepper*
- 4 oz. crimini mushrooms, sliced (optional)
- ½ small yellow onion, diced
- 2 stalks celery, diced
- 2 carrots, diced
- 4 cloves garlic, minced
- 4 c. low-sodium chicken broth
- 2 c. half and half
- 2 tsp. kosher sea salt
- 1 tsp. freshly ground pepper
- ½ tsp. garlic powder
- ½ tsp. dried thyme
- ½ tsp. ground sage
- ¼ tsp. cayenne pepper
- ¼ tsp. paprika
- 8 oz. egg noodles or other pasta
- 1 c. frozen corn, thawed
- 1 c. frozen peas, thawed
- 2 tbsp. fresh parsley, roughly chopped
- Pie crust crumbles (optional)**
Directions
- In a large pot over medium heat, add the butter. Once the butter has melted, add the prepared chicken and cook until golden brown on each side/reaches an internal temperature of 160 degrees. Remove from the pot and transfer to a cutting board. Allow to rest for 5 minutes.
- Meanwhile, add the mushrooms, onion, celery and carrots, saute until tender, about 5-7 minutes. Add the garlic and cook until fragrant. Pour in the chicken stock along with the half and half, whisk, scraping up any browned bits from the bottom of the pan. Turn the heat up to medium-high and bring the mixture to a boil.
- Cut the chicken into small bite-size chunks and return it to the pot. Add the salt, pepper, garlic powder, thyme, sage, cayenne and paprika. When the mixture begins to boil, add the pasta and reduce heat to medium. Cook for 10-15 minutes, then add the corn, peas and parsley. Cook until the pasta is tender and the sauce is thick, about 6-8 minutes (note: the sauce with thicken as it cools). Remove from the heat and serve with pie crust crumbles, if desired.
Notes
*You can use rotisserie chicken too, shred about 2 cups. Add it in step 3.
**I used frozen pie crust, crumbled about ⅓ cup of it and baked it at 350 degrees until it was golden brown. This is totally OPTIONAL! Toasted panko breadcrumbs would be delicious too :)
Recipe source: Life Made Simple
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