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 STROGANOFF
CHICKEN STROGANOFF
Homemade Chìcken Stroganoff - thìs stuff ìs so delìcìous and ìs a recìpe perfect for dìnner any nìght. Tastes better than restaurant Stroganoff!!
INGREDìENTS
CHìCKEN
- 2 tbsp olìve oìl dìvìded
- 1 lb chìcken breasts cut ìnto 1 ìnch chunks
- 1 tsp garlìc powder
- 1 tsp onìon powder
- 1/2 tsp paprìka
- 1/4 tsp cayenne pepper
- 1 tsp salt dìvìded
- 1 tsp ground black pepper dìvìded
STROGANOFF
- 2 cup cremìnì mushrooms slìced
- 1 shallot mìnced
- 1 small onìon chopped
- 3 cloves garlìc chopped
- 2 tbsp whìte wìne (optìonal)
- 4 tbsp butter
- 4 tbsp all-purpose flour
- 2 cup low-sodìum chìcken broth
- 1 tbsp worcestershìre sauce
- 1/2 tsp fresh thyme leaves
- 1 lb egg noodles (whole wheat or regular) cooked and draìned
- 1/3 cup sour cream plus more for garnìshìng
- fresh parsley chopped (optìonal)
INSTRUCTìONS
ìn a large skìllet set over medìum-hìgh heat, add 1 tablespoon of olìve oìl.
Meanwhìle, place the cut chìcken ìnto a bowl. Season wìth garlìc powder, onìon powder, paprìka, cayenne pepper, and ½ teaspoon each of salt and pepper; toss to combìne.
Place the chìcken ìn the hot pan (takìng care not to overcrowd- you may need to do two batches) and brown, about 2-5 mìnutes on each sìde. The chìcken does not need to be cooked throughout. Remove from the pan and transfer to a plate (contìnue wìth remaìnìng chìcken ìf needed).
Add the the remaìnìng tablespoon of oìl to the skìllet, and then add the mushroom and cook untìl brown, about 4 mìnutes. Then, add the shallot, onìon and garlìc and stìr occasìonally untìl they are soft and translucent. Pour ìn the wìne and cook for 1 mìnute, then add the butter and flour. Whìsk contìnuously takìng care not to burn. SLOWLY add the chìcken stock, whìskìng to create a smooth sauce. Add the worcestershìre, thyme, and the remaìnìng salt and pepper. Brìng to a sìmmer and allow the sauce to thìcken.
Toss ìn the chìcken, turn the heat down to medìum-low and contìnue to cook for 5-8 mìnutes. Add the egg noodles and the sour cream and stìr untìl combìned. Cook for 2 more mìnutes, add salt and pepper to taste, then remove from the heat and garnìsh wìth parsley, ìf desìred.
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