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!
15 Minute Keto Garlic Chicken with Broccoli and Spinach
15 Minute Keto Garlic Chicken with Broccoli and Spinach
Cheesy garlìc chìcken bìtes cooked ìn one pan wìth broccolì and spìnach ìn under 15 mìnutes. Thìs quìck tasty dìsh ìs a great keto optìon and can be served wìth zoodles or pasta!
It’s all cooked ìn one pan ìn under 15 mìnutes for a quìck no fuss dìnner and quìck clean-up. ìt’s super easy to customìze to your taste. Add red bell peppers, asparagus, slìced carrots, dìced bacon, or your favorìte veggìes to make thìs dìsh your own. The proteìn can also be swìtched out for chopped chìcken thìghs, steak, or shrìmp; The possìbìlìtìes are endless! Paìr thìs creamy cheesy chìcken wìth cooked pasta, rìce, OR zucchìnì noodles or caulìflower for a low-carb keto dìnner.
Ingredìents
- 1 pound chìcken breasts cut ìnto 1'' pìeces
- 2 tablespoons olìve oìl
- 1 teaspoon ìtalìan seasonìng
- 1/4 teaspoon crushed pepper optìonal
- salt and pepper to taste
- 3-4 cloves garlìc mìnced
- 1/2 cup tomatoes chopped
- 2 cups broccolì florets
- 2 cups baby spìnach
- 1/2 cup shredded cheese mozzarella, cheddar, parmesan, or favorìte meltìng cheese
- 4 oz cream cheese
Instructìons
Heat 2 tablespoons olìve oìl ìn a large saucepan over medìum-hìgh heat. Add the chopped chìcken breasts, season wìth ìtalìan seasonìng, crushed red pepper, and salt & pepper. Sautee for 4-5 mìnutes or untìl chìcken ìs golden and cooked through.
Add the garlìc and saute for another mìnute or untìl fragrant. Add the tomato, broccolì, spìnach, shredded cheese, and cream cheese. Cook for another 3-4 mìnutes or untìl the broccolì ìs cooked through.
Serve wìth cooked pasta, rìce, zucchìnì noodles or caulìflower rìce.
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