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!
SHEET PAN CRISPY PARMESAN GARLIC CHICKEN
Sheet Pan Crispy Parmesan Garlic Chicken is such an easy meal with crispy breaded chicken with potatoes and asparagus. This is the perfect meal for your family!
This sheet pan chicken is crunchy on the outside and juicy on the inside. It is a complete dinner made on just one sheet pan. A full meal with just one dish to wash? Sign me up. Life has been so busy and I am trying harder to make meals for my family during the week, even on the busiest nights. Crispy parmesan garlic chicken us one of my families favorite meals. I have so many delicious crispy chicken recipes on my site like this crispy parmesan chicken with lemon garlic pasta, or this parmesan chicken with zucchini. There is a lot of crispy chicken going on in our family and it is always a huge hit!
Sheet Pan Crispy Parmesan Garlic Chicken is such an easy meal with crispy breaded chicken with potatoes and asparagus. This is the perfect meal for your family!
INGREDIENTS
- 4 chicken breasts
- salt and pepper
- 2 eggs
- ¼ cup milk
- 2 cups panko
- 2 cups parmesan cheese, shredded
- 1 Tablespoon Italian Seasoning
- 1 teaspoon garlic powder
- 1 Pound baby potatoes, I used both red and gold potatoes, quartered
- 1 bunch asparagus, cut into 3rds
- salt and pepper
- 2 Tablespoons olive oil
INSTRUCTIONS
- Preheat oven to 425 degrees. Spray a sheet pan with cooking spray or line with parchment paper. Set aside
- In a shallow dish, whisk together egg and milk. In another shallow dish add panko, parmesan cheese, italian seasoning, and garlic powder.
- Salt and pepper the chicken and dredge them in the egg mixture and then coat them in the panko mixture. Lay them on your sheet pan.
- In two medium sized bowls add the asparagus and potatoes. Salt and pepper and toss with the olive oil. Lay the potatoes next to the chicken on the sheet pan.
- Bake for 15 minutes, then flip the chicken over and add the asparagus and continue baking for 12-15 minutes or until the chicken reaches an internal temperature of 165 degrees.
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