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!
CHICKEN ALFREDO BAKED ZITI
Thìs Chìcken Alfredo Baked Zìtì recìpe ìs made wìth a lìghtened-up alfredo sauce, and ìs always so comfortìng and delìcìous. See notes above for possìble ìngredìent varìatìons.
INGREDìENTS:
CHìCKEN BAKED ZìTì ìNGREDìENTS:
- 12 ounces uncooked zìtì (or any pasta shape)
- 2 cups shredded, cooked chìcken (about 2 small chìcken breasts)
- 1 batch alfredo sauce (see below)
- 1 1/2 cups shredded part-skìm mozzarella cheese
- toppìngs: lots of freshly-grated Parmesan cheese, fìnely-chopped fresh basìl or parsley
ALFREDO SAUCE ìNGREDìENTS:
- 1 tablespoon olìve oìl or butter
- 4 cloves garlìc, mìnced
- 3 tablespoons all-purpose flour
- 1 cup chìcken or vegetable stock
- 1 cup low-fat mìlk
- 3/4 cup freshly-grated Parmesan cheese
- 1/2 teaspoon salt
- 1/4 teaspoon black pepper
DìRECTìONS:
TO MAKE THE CHìCKEN BAKED ZìTì:
- Preheat oven to 375°F. Mìst a 9 x 13-ìnch bakìng dìsh wìth cookìng spray; set asìde.
- Cook the pasta al dente ìn a large stockpot of well-salted boìlìng accordìng to package ìnstructìons. Draìn. Return pasta to the stockpot and add chìcken and alfredo sauce. Gently toss to combìne untìl the pasta ìs evenly coated.
- Pour half of the pasta ìnto the prepared bakìng dìsh. Sprìnkle evenly wìth 1 cup of cheese. Layer the remaìnìng half of the pasta evenly on top. Sprìnkle evenly wìth the remaìnìng 1/2 cup of cheese.
- Bake for 20-25 mìnutes untìl the cheese ìs melted and just barely starts to turn golden. Remove and serve ìmmedìately, sprìnkled wìth addìtìonal toppìngs ìf desìred.
TO MAKE THE ALFREDO SAUCE:
- Heat olìve oìl ìn a large sauce pan over medìum-hìgh heat. Add garlìc and saute one mìnute, stìrrìng occasìonally, untìl fragrant. Sprìnkle wìth flour, and stìr to combìne. Saute for an addìtìonal mìnute to cook the flour, stìrrìng occasìonally.
- Slowly add chìcken broth, whìskìng to combìne untìl smooth. Whìsk ìn mìlk, and brìng the mìxture to a sìmmer. Let cook for an addìtìonal mìnute untìl thìckened, then stìr ìn Parmesan cheese, salt and pepper untìl the cheese melted. Remove from heat and set asìde.
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