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!
BAKED CHICKEN BACON RANCH TAQUITOS
BAKED CHICKEN BACON RANCH TAQUITOS
I have to be honest . . . there are a lot of recipe fails at my house. Most of them happen when I try to invent my own recipe . . . my poor husband dreads those “experimental meals”. But every once in a while, something wonderful comes of it and these little taquitos fall into that wonderful category! They are quick and easy to throw together- you can prepare the filling early in the day and even roll the taquitos, keep them in the fridge, and then pop them in the oven when you are ready to eat dinner. Looking for a yummy freezer meal? You can easily prep these and then freeze them. They make great lunches- just pull out the number you need and bake!
Serves: 20 taquitos
BAKED CHICKEN BACON RANCH TAQUITOS
Delicious baked taquitos with a creamy cheese and chicken filling.
15 min Prep Time
20 min Cook Time
35 min Total Time
INGREDIENTS
- 1 (8 ounce) pkg. cream cheese, softened
- 12 slices of bacon, cooked and crumbled
- 4 cups cooked, shredded chicken
- 1 (1 ounce) pkt. dry Ranch Dressing mix
- 2 cups shredded Monterrey Jack cheese
- 3-4 Tablespoons green onion, chopped
- 20 (6-inch) flour tortillas
- Salt, to taste
- Nonstick cooking spray
INSTRUCTIONS
- Preheat oven to 425 degrees F.
- Cover a large baking sheet with aluminum foil and spray lightly with cooking spray.
- Mix together cream cheese, bacon, chicken, cheese, and green onions.
- Add in about 1/2 of the dry ranch dressing mix, or more if desired. Mix well.
- Spoon 2-3 Tablespoons of the chicken mixture onto each flour tortilla and roll it up.
- Place taquitos seam-side down on the baking sheet. Repeat about 20 times or until all the filling is used.
- Once finished, spray the tops of the taquitos with nonstick cooking spray and sprinkle with salt.
- Place pan in oven and bake for 15-20 minutes, or until edges and tops are golden.
- Let cool slightly and serve with ranch dressing or salsa.
Cuisine: Mexican | Recipe Type: Main Dish
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