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!
Cheesy Ranch Chicken & Broccoli {Keto & Low Carb Friendly}
CHEESY RANCH CHICKEN & BROCCOLI {KETO & LOW CARB FRIENDLY}
Growing up my mom used to make a Chicken Divan casserole that I absolutely loved…….until I found out that one of the ingredients was mayonnaise. I absolutely hate mayonnaise. I could be tortured with it and tell every secret I know. Ha!! Every chicken and broccoli casserole recipe I found on Pinterest included mayonnaise as an ingredient. I’m sure you can’t taste it, but I just cannot bring myself to open a jar, smell it, and add it to something I am going to eat. Seriously, I’m like a 2 yr old picky eater. So, I put on my experimenting hat yesterday and started working on a new recipe that would remind me of my mom’s old recipe that was keto friendly and didn’t require mayonnaise. My trusty taste testers (the hubs and kiddos) loved it! In fact, my husband said he could eat the entire pan it was so good. My biggest requirement when I cook is that it has to be easy and keto friendly. I even made this for dinner before Wednesday night church and got kitchen cleaned up before we left. That is an accomplishment! I hope you enjoy it as much as my family did!
Cheesy Ranch Chicken & Broccoli {Keto & Low Carb Friendly}
Servings: 8
Calories: 355 kcal
Author: Kasey
Ingredients
- 2 cups cooked chicken breast 3 small breasts
- 2 tablespoon of butter
- 1/2 pack ranch seasoning mix
- 4 oz cream cheese softened.
- 1/4 cup heavy whipping cream
- 1 1/2 cup Broccoli (or a 10.8oz steam bag)
- 2/3 cup chicken broth
- 1/4 cup crumbled bacon
- 1/2 cup cheese
- For the Topping
- 2 cups cheese
- 1/2 cup crumbled bacon
Instructions
- I cooked my chicken first in a slow cooker on high for 3.5 hrs with a little chicken broth and salt/pepper.
- Remove chicken from the slow cooker and shred.
- Preheat oven to 350 degrees.
- In an oven-safe skillet melt 2 tablespoons butter.
- Next, add ranch seasoning, cream cheese, heavy whipping cream, chicken broth, 1/4 cup crumbled bacon, and 1/2 cup cheese.
- Use a whisk to combine ingredients and cook on low for 5 minutes.
- If using a steam bag of broccoli follow directions on the bag to steam. Otherwise, steam fresh broccoli in microwave until it reaches desired tenderness while the ranch mixture is simmering.
- Add shredded chicken and cooked broccoli to ranch mixture and stir to combine.
- Sprinkle 2 cups cheese and 1/2 cup crumbled bacon on top.
- Cook in oven for 25 minutes then move to top rack.
- Cook on broil 2-3 minutes until cheese is bubbly and bacon is browned.
Nutrition Facts
Cheesy Ranch Chicken & Broccoli {Keto & Low Carb Friendly}
Amount Per Serving
Calories 355Calories from Fat 243
% Daily Value*
Total Fat 27g42%
Saturated Fat 15g75%
Cholesterol 110mg37%
Sodium 577mg24%
Potassium 272mg8%
Total Carbohydrates 2g1%
Protein 24g48%
Vitamin A17.1%
Vitamin C20.1%
Calcium28.7%
Iron5.1%
* Percent Daily Values are based on a 2000 calorie diet.
Nutrition Information based on 8 Servings:
338 Calories, Carbs 4.3 -0.9 fiber = 3.4 net carbs, Fat 28.2, Protein 16.3 (based on myfitnesspal app)
