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!
Perfect Roást Chicken
The álmost universál áppeál of roásted chicken stems from its power to comfort. The ideál roásted chicken recipe will leáve your chicken golden brown ánd gleáming, tender ánd juicy. The cráckle of chicken ás it roásts ánd the wondrous áromá thát perfumes the kitchen provoke á feeling of sátisfáction ánd fulfillment.
INGREDIENTS :
- 1 six-pound roasting chicken
- Salt and freshly ground black pepper
- 2 tablespoons unsalted butter
- 2 medium onions, peeled and sliced crosswise 1/2 inch thick
- 2 lemons
- 4 sprigs fresh thyme
- 3 large cloves garlic, peeled
- 1 cup Homemade Chicken Stock, or canned low-sodium chicken broth, skimmed of fat
INTRUCTIONS :
- Let chicken and 1 tablespoon butter stand at room temperature for 30 minutes. Preheat oven to 425 degrees. Remove and discard the plastic pop-up timer from chicken if there is one. Remove the giblets and excess fat from the chicken cavity. Rinse chicken inside and out under cold running water. Dry chicken thoroughly with paper towels. Tuck the wing tips under the body. Sprinkle the cavity of the chicken liberally with salt and pepper, and set aside.
- In the center of a heavy-duty roasting pan, place onion slices in two rows, touching. Place the palm of your hand on top of lemon and, pressing down, roll lemon back and forth several times. This softens the lemon and allows the juice to flow more freely. Pierce entire surface of lemon with a fork. Using the side of a large knife, gently press on garlic cloves to open slightly. Insert garlic cloves, thyme sprigs, and lemon into cavity. Place chicken in pan, on onion slices. Cut about 18 inches of kitchen twine, bring chicken legs forward, cross them, and tie together.
- Spread the softened butter over entire surface of chicken, and sprinkle liberally with salt and pepper. Place in the oven, and roast until skin is deep golden brown and crisp and the juices run clear when pierced, about 1 1/2 hours. When chicken seems done, insert an instant-read thermometer into the breast, then the thigh. The breast temperature should read 180 degrees and the thigh 190 degrees.
- Remove chicken from oven, and transfer to a cutting board with a well. Let chicken stand 10 to 15 minutes so the juices settle. Meanwhile, pour the pan drippings into a shallow bowl or fat separator, and leave onions in the pan. Leave any brown baked-on bits in the bottom of the roasting pan, and remove and discard any blackened bits. Using a large spoon or fat separator, skim off and discard as much fat as possible. Pour the remaining drippings and the juices that have collected under the resting chicken back into the roasting pan. Place on the stove over medium-high heat to cook, about 1 minute. Add chicken stock, raise heat to high, and, using a wooden spoon, stir up and combine the brown bits with the stock until the liquid is reduced by half, about 4 minutes. Strain the gravy into a small bowl, pressing on onions to extract any liquid. Discard onions, and stir in the remaining tablespoon of cold butter until melted and incorporated. Untie the legs, and remove and discard garlic, thyme, and lemon. Carve, and serve gravy on the side.
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