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.
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!
This easy cheesy hash brown chicken casserole hits the spot on a cold fall night.
Can you say comfort food?
What’s easier than tossing together tender bits of roasted chicken breast, hash brown potatoes, shredded cheddar cheese and your favorite mixed vegetables.
This recipe comes together so easily and is perfect for a midweek meal and there is always plenty left over for tomorrow.
It’s crispy on top and cheesy delicious inside packed with protein. The great thing about this recipe is that it is no-fail! You can let it sit in a warm oven until you are ready to eat it.
You may also enjoy my Buffalo Hash Brown Chicken Casserole if you like this recipe. It’s very similar but with the addition of Buffalo wing sauce to give it spicy flair.
My husband, Brewster, is always asking for this dish. I usually pick up a rotisserie chicken at the grocery store and usually have the frozen vegetables stored in the freezer.
It’s also just as easy to cook up the chicken breasts ahead of time.
Sometimes I will prep this in the morning so it’s ready to go in the oven at the end of the day.
This casserole is also great for football season. We plan a lot of get-togethers for Ohio State football.
That’s my team! I am a Buckeye fan and have had the privilege to see the team play every year.
Who is your team? Let me know in the comments below.
Sometimes I will make this casserole and also throw together a few other items like my Spinach Artichoke Dip and my Chorizo & Manchego Stuffed Mushrooms.
Add it to your party planning and you can have a great spread to feed a crowd.
This dish is a hit with our neighbor too!
Trish and her daughter, Norah, stopped down to borrow Brewster’s notary skills and while visiting had a taste of this cheesy chicken delight. They loved it.
Luckily there is always plenty to share. We invited them to stay for dinner and they happily accepted. The recipe makes more than enough.
When the weather turns colder this dinner is a great way to warm up. I’ve even found ways to lighten it up if you are looking for healthier options.
Just check out those suggestions in the comments below.
Serve up this casserole with a side salad for a perfect family meal. I’ve also taken this dish to new moms home from the hospital because it freezes well.
Just pop it in the oven for an hour and it’s done.
Hash Brown Chicken Casserole
This easy cheesy hash brown chicken casserole hits the spot on a cold fall night. Can you say comfort food?
Prep time: 15 minutes | Cook time: 1 hour | Total time: 1 hour 15 minutes
- 2 lbs frozen hash brown potatoes, Southern Style
- 2 cups shredded cheddar cheese
- 1/2 teaspoon salt and pepper
- 1 cup frozen peas and carrots
- 1/2 cup summer sweet corn, canned
- 2 C sour cream or plain yogurt
- 1 can cream of chicken soup
- 1/3 cup milk
- 3 cups cooked, shredded roasted chicken
- 2 cups bread crumbs
- Heat over to 400 degrees. Place potatoes in 9 by 13 pan. In a large bowl, mix well the remaining ingredients, except bread crumbs. Pour over potatoes. Sprinkle crumbs on top. Bake for 1 hour or until top is golden brown. Serves 12.