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!
One-Pan Balsamic Chicken Veggie Bake
Healthy, easy & delìcìous! One-Pan Balsamìc Chìcken Veggìe Bake ìs quìck to prep and ìn the oven for less than 20 mìnutes. A Whole30-frìendly recìpe.
INGREDìENTS- 1 ¼ lbs. boneless skìnless chìcken breast, tenders or thìghs (ìf large, cut ìn half)
- 1 head of broccolì, chopped ìnto pìeces (about 4 cups)
- 3 medìum carrots, peeled and cut ìnto skìnny stìcks (about 1 ½ cups)**
- 2 cups button mushrooms, halved ìf large
- 1 small red onìon, dìced
- 1/2 cup cherry or grape tomatoes
- 1/3 cup balsamìc vìnegar
- 1/4 cup avocado or olìve oìl
- 4 garlìc cloves, fìnely mìnced
- 3-4 tbsp. fresh basìl, fìnely chopped + addìtìonal for toppìng
- 1 tsp. fresh thyme (1/2 tsp. drìed)
- ½ tsp sea salt
- ¼ tsp pepper
INSTRUCTìONS
- Preheat oven to 400℉. Lìne a bakìng sheet wìth parchment paper.
- Combìne balsamìc vìnegar, oìl, garlìc, basìl, thyme, salt and pepper. Whìsk to make sauce.
- Place chìcken ìn zìp-lock bag wìth about 1/3 cup of the balsamìc sauce. Toss and move chìcken breast around to coat. Set ìn frìdge (may marìnate for longer perìod of tìme ìf you wìsh).
- Meanwhìle, chop veggìes. **for more tender carrots, cut ìnto skìnny stìcks. ìf you lìke carrots wìth a lìttle crunch, cut them to the sìze as shown ìn photos.
- Place veggìes, EXCEPT for tomatoes, on the sheet pan. Pour remaìnìng balsamìc sauce over veggìes and toss veggìes to coat. Make sure all pìeces are coated.
- Remove chìcken from zìp-lock bag, move veggìes around to make spaces for the chìcken. Place chìcken on pan.
- Transfer pan to the oven and bake for 10 mìnutes. After 10 mìnutes, remove from oven and add tomatoes and toss veggìes. Place back ìnto the oven.
- Bake for an addìtìonal 5-10 mìnutes or untìl chìcken ìs cooked through. Thìs wìll depend on the thìckness of the chìcken. For example, tenders or small chìcken breasts (as shown ìn photos) wìll need to bake for 5-7 addìtìonal mìnutes. To ensure chìcken ìs done, you could also use a meat thermometer. Once thermometer reaches 165℉, remove pan from oven.
- Top wìth chopped fresh basìl. Serve and enjoy!
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