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!
Green Chile Cauliflower Chicken Casserole
Green Chile Cauliflower Chicken Casserole
Green Chile Cauliflower Casserole – Warm and addicting comfort food alert! This cauliflower Chicken casserole recipe is an old family favorite that is low carb and Keto friendly. Cauliflower rice is baked in a layer of ground Chicken, creamy cheesy sauce studded with green chiles and topped with lots of gooey cheese! Only a few minutes prep, then it’s in the oven! Quick, easy and great for your weekly meal rotation!
Green Chile Cauliflower Chicken Casserole
This warm and comforting cauliflower casserole is so addicting!
6 SERVINGS
PREP: 15 MIN
COOK: 20 MIN
INGREDIENTS LIST FOR THE GREEN CHILE CAULIFLOWER CHICKEN CASSEROLE
- 1 lb (450g) ground beef, turkey, chicken, or pork (we used chicken)
- 2 tablespoons butter
- 3/4 cup chopped onion
- 3/4 cup chopped celery stalk
- 2 1/2 cups cauliflower rice
- 1 cup shredded Monterrey Jack cheese, or mozzarella
- 1 cup shredded sharp cheddar
- 1/2 cup chicken or vegetable broth
- 4 oz canned green chiles, drained
- 1/2 cup sour cream, full fat
- 1/2 teaspoon garlic powder
- 1/2 cup softened cream cheese
- Salt and fresh cracked black pepper
- Cilantro for garnish
DIRECTIONS
- Preheat your oven to 325ºF (165ºC). Butter or grease an 8 x 8 baking dish and set aside.
- If you use frozen cauliflower rice, cook according to package directions. If using fresh cauliflower rice, steam for 4-6 minutes on the stove-top or in the microwave until slightly tender. Squeeze steamed cauliflower rice to remove the excess moisture and set aside. The rice has to be fairly dry, otherwise, your dish risks being watery!
- Melt butter in a medium skillet over medium-high heat. Add your ground meat and cook for 7-8 minutes. Add celery and onions. Cook for 5 minutes more, or until tender, stirring constantly. Season with salt and pepper to taste.
- In a large bowl combine cauliflower rice, 1/2 cup of each cheese, chiles, sour cream, cream cheese, stock, the meat and veggie mixture, garlic powder and black pepper and stir well. Spread the mixture evenly in the prepared baking dish and top with remaining cheese.
- Bake at 325ºF (165ºC) for 20-25 minutes or until bubbly. You can broil for 2 – 3 minutes to crisp up the top if you like. Garnish the Chile cauliflower chicken casserole with fresh parsley and serve immediately. Enjoy!
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