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!
SLOW COOKER CRACK CHICKEN
Move over tailgating recipes. This recipe for Slow Cooker Crack Chicken is going to be your new favorite recipe to make for game day. It’s even healthy too! The chicken is full of protein and you can top it with your favorite veggies like tomatoes or lettuce leaves and serve it over a whole wheat bun. Guaranteed to keep you full while watching the big game!
It’s called “crack chicken” because you won’t be able to stop eating it and all it has is 3 easy ingredients! Chicken, Ranch seasoning and cream cheese. When I come back from shopping after work, my house smelled pretty amazing.
There is also a recipe for crack dip out there that looks really good and I plan on making that soon. It’s the same concept as this but it’s just something you serve with chips.
Crack is good.
Why isn’t there any liquid added to recipe?
There is 2 ways to make this recipe and the way listed below in the recipe is the normal way. Some people are worried that there isn’t enough liquid in the crock pot to produce a sauce but it does. You can add 1 to 2 cups of water to the recipe and at the end of cooking time the chicken will be soupy. You need to add in 2 teaspoons of corn starch to thicken that up and to let that simmer again. Again, Adding water is optional since the slow cooker produces that on it’s own. My video shows that I added water to the pot, but I will update that with a new video sometime soon.
Can you can make this in your Instant Pot?
Yes, set the cook time for 20 minutes.
SLOW COOKER CRACK CHICKEN
INGREDIENTS
- 2 lbs boneless chicken breasts
- 2 (8 oz) blocks fat free cream cheese
- 2 (1 oz) packets dry Ranch seasoning
- 8 oz bacon, cooked crisply and crumbled (optional)
INSTRUCTIONS
- In a slow cooker place the chicken breasts on the bottom and then the 2 bricks of cream cheese on top of the chicken. Sprinkle the Ranch seasoning packet over the cream cheese and chicken.
- Cook on low for 6-8 hours or on high for 4 hours, until chicken shreds easily.
- Once chicken shreds stir with a large fork or spoon, so the chicken shreds and all the ingredients combine.
- Add in crumbled bacon and stir to incorporate.
- Serve warm.
NOTES
Makes 8 servings (divide into 8 equal portions)
4 Smart Points per serving
Use a lite hamburger bun such as Country Hearth for 2 smart points. It will be 6 points then.
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