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!
ONE POT WHITE CHICKEN LASAGNA SOUP
ONE POT WHITE CHICKEN LASAGNA SOUP (VIDEO!)
ONE POT WHITE CHICKEN LASAGNA SOUP IS WONDERFULLY CREAMY, HEARTY AND COMFORTING BUT SO EASY – DESTINED TO BECOME A NEW FAMILY FAVORITE!
One Pot White Chicken Lasagna Soup
Prep Time 15 minutes
Cook Time 45 minutes
Servings -12 servings
INGREDIENTS
- 1 pound boneless skinless chicken breasts, chopped
- 3 tablespoons olive oil, divided
- 3 tablespoons butter
- 1 large onion, chopped
- 2 carrots, peeled and sliced
- 1 green bell pepper, chopped
- 4-6 cloves garlic, minced
- 1/3 cup flour
- 9-11 cups low sodium chicken broth, divided
- 3 tablespoons cornstarch
- 15 oz can canneli beans, rinsed and rained
- 1 tablespoon chicken bouillon
- 1 tsp EACH dried parsley, dried basil
- 1/2 tsp EACH dried oregano, dried thyme, salt, pepper
- 2 bay leaves
- dash- 1/4 teaspoon red pepper flakes (optional)
- 10 uncooked lasagna noodles broken into approx. 1-2 inch pieces*
- 2-3 cups half and half (may sub fat free evaporated milk)
- 1/2 cup heavy cream (optional)
- 10 oz chopped frozen baby spinach, thawed
- 1 cup freshly grated Parmesan cheese
Cheese Garnish
- shredded mozzarella cheese
- freshly grated Parmesan cheese
- ricotta cheese
INSTRUCTIONS
- Heat 1 tablespoon olive oil in a large Dutch oven/soup pot over medium high heat. Add chicken and cook until almost cooked through. Remove to a plate.
- Melt butter with 2 tablespoons olive oil in the now empty pot and heat over medium high heat. Add onions and carrots and cook, while stirring, for 3 minutes. Add bell pepper and garlic and cook for 1 minute. Sprinkle in flour then cook, stirring constantly for 3 minutes (it will be thick).
- Turn heat to low and gradually stir in 8 cups chicken broth. Whisk 3 tablespoons cornstarch with 1 cup additional chicken broth and add to soup. Stir in chicken, beans, chicken bouillon and all remaining herbs and spices. Stir in lasagna noodles.
- Bring to a boil then reduce to a simmer until lasagna noodles are tender, stirring occasionally so noodles don’t stick to bottom (approximately 20-30 minutes).
- Turn heat to low, discard bay leaf and stir in half and half, optional heavy cream and spinach and warm through. Stir in 1 cup Parmesan cheese until melted. Stir in additional half and half or broth if desired for a less “chunky” soup. Season with additional salt and pepper to taste. Garnish individual servings with desired amount of cheeses.
RECIPE NOTES
*I love lasagna noodles in this recipe - they are slurpilicious! Don't worry about them breaking evenly - you won't notice once they cook. You can also replace the noodles with 2 1/2 cups uncooked small shells if desired and simmer for less time.
**If you want to omit the heavy cream but still would like a thicker soup then I suggest whisking 2 teaspoons cornstarch with some of the chicken broth and adding to the soup to simmer and thicken.
