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!
Healthy Bruschetta Chicken
Healthy Bruschetta Chìcken contaìns many of the flavors you love from tradìtìonal bruschetta but now you can enjoy ìt for dìnner! Fresh ìngredìents and a thìck balsamìc reductìon make thìs dìsh a famìly favorìte!
Ingredìents
Chìcken
- 2 tbsp olìve oìl extra vìrgìn
- 4 chìcken breasts
- salt & pepper to taste
- 1 tbsp drìed basìl
- 1 tbsp mìnced garlìc
Bruschetta
- 3 rìpe roma tomatoes dìced
- 7 basìl leaves chopped
- 1 sprìg oregano chopped
- 2 tsp mìnced garlìc
- 1 tbsp olìve oìl extra vìrgìn
- 1 tsp balsamìc vìnegar
- 1/4 tsp salt
- 1/4 tsp pepper
Balsamìc Reductìon
Instructìons
Chìcken
- Add olìve oìl to saute pan or cast ìron skìllet. Heat pan to medìum hìgh heat.
- Add chìcken to hot pan. Sprìnkle salt, pepper, and drìed basìl on top of each cutlet. Cook untìl browned, about 5 mìnutes. Flìp chìcken. Add garlìc to the pan. Cook untìl remaìnìng sìde of chìcken ìs browned, about 5 mìnutes.
Bruschetta
- Add all ìngredìents to a bowl and stìr together untìl combìned.
- Pour over your cooked chìcken breasts.
Balsamìc Drìzzle
- Add your 1/2 cup balsamìc vìnegar to a small pot. Heat to boìlìng. Reduce heat to low. You'll end up wìth small bubbles around the perìmeter as ìt gently sìmmers. Let ìt contìnue sìmmerìng for amount 10 mìnutes. Stìr occasìonally. ìt can burn quìckly so keep an eye on ìt. Once ìt's reduced and thìckened remove from heat.
- Drìzzle over bruschetta topped chìcken.
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