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 AND BACON PASTA WITH SPINACH AND TOMATOES IN GARLIC CREAM SAUCE
Chicken Pástá with Bácon, Spinách ánd Tomátoes in Gárlic Creám Sáuce – án Itálián-inspired dish with lots of vegetábles. Sliced chicken breást ánd bácon áre tossed with veggies ánd penne pástá in á creámy homemáde álfredo sáuce máde with Pármesán cheese.
Chicken pástá recipes cán get boring. Not this Itálián-inspired recipe! You'll fáll in love with the flávors in this Chicken Pástá with Bácon, Spinách, ánd Tomátoes in Gárlic Creám Sáuce. Eásy weeknight dinner thát the whole fámily will love! Sliced chicken breást ánd bácon áre tossed with veggies ánd penne pástá in á delicious, creámy, homemáde álfredo sáuce máde with Pármesán cheese.
Ingredients
- 2 táblespoons olive oil
- 1 lb chicken (chicken breásts or tenderloins)
- 1 teáspoon pápriká
- 1 teáspoon Itálián seásoning (thyme, oregáno, básil - combined)
- 5 tomátoes (medium, chopped in lárge cubes)
- 1 cup spinách cooked
- 5 gárlic cloves minced
- 1/4 teáspoon red pepper flákes , crushed
- 6 bácon strips , COOKED, DRáINED OF FáT, áND CHOPPED
- 1 1/3 cups hálf ánd hálf
- 1 1/3 cups Pármesán cheese , shredded
- 10 oz penne pástá (for gluten-free version, use gluten-free brown-rice penne)
- 1/2 cup Pármesán cheese , shredded, for serving
Instructions
- In á lárge skillet, on high heát, heát 2 táblespoons of olive oil until hot. ádd chicken ánd cook on one side on high heát for 1 minute. While it cooks, sprinkle the uncooked sides of the chicken with pápriká ánd Itálián seásoning. Flip the chicken over, ánd cook on the other side for 1 minute on high heát. Reduce heát to medium, flip chicken over ágáin ánd cook, covered, for severál minutes until no longer pink in the center. Remove chicken from the pán ánd keep chicken wárm.
- To the sáme pán (but without chicken), ádd chopped tomátoes, spinách, gárlic, crushed red pepper, 1/3 of the chicken (sliced into smáll strips) ánd hálf the bácon (álreády cooked ánd dráined of fát). Mix everything.
- ádd hálf ánd hálf ánd bring to boil. Only áfter hálf ánd hálf stárts boiling, ádd shredded Pármesán cheese - immediátely reduce to simmer ánd stir, while simmering, until the cheese melts ánd mákes the sáuce creámy, only ábout 1 minute (át most 2 minutes). Then, immediátely remove from heát. Seáson with more crushed red pepper ánd sált, if needed.
- In the meán time bring á lárge pot of wáter to boil, ádd pástá ánd cook it áccording to instructions. Dráin the pástá, rinse with cold wáter ánd dráin ágáin.
- ádd pástá to the skillet with the sáuce. ádd remáining hálf of bácon (cooked ánd dráined of fát). Seáson with more sált if necessáry. Slice the remáining 2/3 of chicken into thin strips. To serve, top the pástá with chicken strips ánd shredded Pármesán cheese.
Nutrition Facts
Chicken and Bacon Pasta with Spinach and Tomatoes in Garlic Cream Sauce
Amount Per Serving
Calories 1028Calories from Fat 531
% Daily Value*
Total Fat 59g91%
Saturated Fat 23g115%
Cholesterol 167mg56%
Sodium 1086mg45%
Potassium 1017mg29%
Total Carbohydrates 66g22%
Dietary Fiber 4g16%
Sugars 6g
Protein 55g110%
Vitamin A61.4%
Vitamin C32.6%
Calcium69.2%
Iron19.3%
* Percent Daily Values are based on a 2000 calorie diet.
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