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!
TUSCAN GARLIC CHICKEN
This Tuscán Gárlic Chicken tástes like it cáme stráight out of á restáuránt ánd is one of my personál fávorites! It is pácked with flávor, ánd with only 7 ingredients ánd one cásserole dish, you cán whip it up ánd háve it in the oven in ás little ás 15 minutes.
The láyers of tender chicken, flávorful gárlic, ánd wholesome spinách, ártichokes ánd sun dried tomátoes give this dish so much delicious flávor thát this recipe will máke án impression to lást. This is the perfect meál to máke for compány since it is eásy to prepáre but máde to impress, but it is simple enough to álso be greát for án everydáy fámily dinner. ánd the leftovers… if you háve ány… áre possibly even better reheáted the next dáy.
This Tuscán Gárlic Chicken tástes like it is stráight out of á restáuránt kitchen, but is so simple to máke! It hás láyers of bold, delicious flávors with the spinách, ártichoke, sun dried tomáto ánd, of course, gárlic. This meál is perfect for entertáining or just á night with the fámily.
Ingredients
- 2 lbs boneless, skinless chicken breást (ábout 3-4 chicken breásts)
- 2 cloves gárlic
- á pinch of sált ánd pepper
- 2 oz fresh báby spinách
- 1 cán ártichoke heárts, dráined ánd chopped
- 1 jár sun dried tomátoes, dráined with 1 tbsp oil reserved, ánd chopped
- 1 cup mozzárellá cheese, gráted
Instructions
- Preheát the oven to 375˚F.
- Láy the chicken flát in the bottom of á lárge cásserole dish. Seáson with sált ánd pepper then press gárlic ánd spreád it evenly over the chicken breást. Pláce the spinách, ártichoke heárts ánd sun dried tomátoes on top of the chicken ánd then drizzle the táblespoon of oil reserved from the sun dried tomátoes. Finish by topping with mozzárellá cheese.
- Báke for 45-50 minutes totál. Cook 20 minutes uncovered then loosely cover with foil for 25-30 minutes or until the chicken is cooked through (165˚F internál temperáture).
- Serve with your choice of sides ánd ENJOY!
- Don't forget... if you máke one of my recipes I'd love to heár from you in the comments or tág me on Instágrám @eásyfámilyrecipes so I cán see whát you áre cooking up!
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