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!
CROCKPOT POTATO SOUP – HEALTHY POTATO SOUP
Crockpot Potato Soup is a Healthy Potato Soup we simply love. This Recipe for Potato Soup makes things easy by using a slow cooker! Set it and forget it…until it’s time to eat. Just because this is a healthy version doesn’t mean it’s any less flavorful than your favorite Potato Cheese Soup. Crockpot Loaded Potato Soup for the win!
I’ll splurge on the chicken soup once a month and eat this every other day of the month. It’s so good! But for an easy weeknight meal without the guilt…this new recipe for potato soup is my new go-to. A creamy cheesy soup you can feel good about? Is this real life?
Crockpot Loaded Potato Soup is a Healthy Potato Soup we simply love. This Recipe for Potato Soup makes things easy by using a slow cooker! Set it and forget it...until it's time to eat. Just because this is a healthy version doesn't mean it's any less flavorful than your favorite Potato Cheese Soup. Crockpot Potato Soup for the win!
INGREDIENTS
- 6 large Yukon Gold potatoes peeled and cut into 1/2 inch cubes
- 40 ounces low fat chicken broth
- 1 teaspoon salt
- 1 teaspoon black pepper
- 1/8 teaspoon red pepper flakes
- 6 carrots peeled and thinly sliced
- 1/2 sweet yellow onion diced
- 2 cloves garlic peeled and minced
- 2-3 tablespoons olive oil
- 1 teaspoon Parisien Bonnes Herb Blend of Chives, French tarragon, basil & dill
- 1 1/2 cups fat-free half-and-half
- 1 1/2 cups shredded low-fat cheddar
- 2 tablespoons chives chopped
!FOR GARNISH:
- low-fat sour cream
- turkey bacon cooked and crumbled
- green onions thinly sliced
- chives chopped
INSTRUCTIONS
- Spray the inside of slow cooker with cooking spray and set the temperature to HIGH.
- Pour diced potatoes, chicken stock, salt, pepper and red pepper into the slow cooker.
- Saute sliced carrots in 2-3 tablespoons olive oil 3 minutes.
- Add diced onion to the carrots and cook on medium-high until onion is translucent.
- Add minced garlic and saute 30 seconds more.
- Add sauted carrots, onion and garlic to the potato broth mixture.
- Cook on HIGH for 2-3 hours or until potatoes have softened.
- Using a potato masher, mash part of the cooked vegetables while they are still in the slow cooker. Only mash down on the vegetables 3-4 times.
- Add herbs, half-and-half, cheese and chives. Mix well.
- Once cheese has melted, ladle soup into bowls and garnish with sour cream, turkey bacon, extra cheese and chives (or green onions).
- Enjoy!
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