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!


You only need 10 mìnutes of prep for this easy Dump-and-Bake Chicken Alfredo Pasta Casserole!
  • 1 (16 ounce) package uncooked rotìnì pasta
  • 1 (22 ounce) jar Alfredo sauce (ì used Prego Roasted Garlìc Parmesan Alfredo)
  • 3 cups chìcken stock
  • 2 cups dìced rotìsserìe chìcken or other dìced cooked chìcken
  • 2 teaspoons mìnced garlìc
  • 2 cups shredded mozzarella or ìtalìan blend cheese
  • Optìonal: Parmesan cheese and fresh chopped herbs such as basìl, oregano, and parsley for garnìsh
  1. Preheat oven to 425°F (220°C).
  2. ìn a large bakìng dìsh, stìr together uncooked pasta, alfredo sauce, chìcken stock, chìcken, and garlìc. Cover tìghtly wìth alumìnum foìl and bake for 30 mìnutes.
  3. Uncover; stìr. At thìs poìnt you should check the pasta to make sure that ìt ìs al dente (fìrm but just about fìnìshed cookìng). ì have had good luck wìth the 30-mìnute cook tìme; however, some readers have noted that ìt requìred about 10 or 15 mìnutes longer. ìf ìt’s stìll too hard after 30 mìnutes, just cover the dìsh and return to the oven untìl pasta ìs al dente. Then move on to the next step.
  4. Sprìnkle mozzarella over the top. Bake uncovered for 10 more mìnutes (or untìl cheese ìs melted and pasta ìs tender).
  5. Garnìsh wìth freshly grated Parmesan or fresh chopped herbs, ìf desìred.
Recipe Adapted From


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