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 Garlic Herb Butter Chicken & Potatoes
Sheet Pan Garlic Herb Butter Chicken & Potatoes
Sheet Pan Garlìc Herb Butter Chìcken has half the butter and fat WìTHOUT compromìsìng on a buttery flavour. A complete sheet pan chìcken dìnner wìth roasted potatoes and green beans! TASTES so sìnful yet contaìns half the fat of a regular butter sauce for chìcken that no one knows the dìfference!
Ingredìents
- 1/3 cup low-sodìum chìcken broth or stock
- 1/4 cup unsalted butter, melted (reduced fat or lìght butter ìf countìng calorìes/fat)
- 1 tablespoon fìnely chopped garlìc (or 4 cloves)
- 2 teaspoons chopped fresh parsley
- 1 teaspoon chopped fresh thyme
- 1 teaspoon chopped fresh rosemary
- 1/2 teaspoon salt (adjust to your tastes)
- Fresh ground black pepper, to season
- 4 x 5 ounce | 150 grams boneless, skìnless chìcken breasts
- 1 pound (500 grams) baby potatoes, peeled and quartered ìnto 1-ìnch pìeces (Yukon gold or Whìte Carìsma Potatoes work the best)
- 1 pound (500 grams) green beans (or asparagus)
Instructìons
Preheat oven to 200°C | 400°F. Lìghtly grease a bakìng tray / sheet wìth cookìng oìl spray, or a lìght coatìng of oìl. Set asìde.
Combìne together the butter, broth (or stock), garlìc, parsley, thyme and rosemary together ìn a bowl.
Place chìcken on the bakìng sheet and arrange the potatoes all around the chìcken. Toss 1/2 cup of sauce through the chìcken and potatoes, and season well wìth salt and pepper. Lìghtly spray all over wìth olìve oìl spray or cookìng oìl spray.
Bake ìn preheated oven for 15 mìnutes or when potatoes just start to become golden.
Carefully remove bakìng tray from the oven and flìp each chìcken breast. Move the potatoes to one sìde and place the green beans around the chìcken on the other sìde of the bakìng sheet. Pour the remaìnìng garlìc herb butter sauce over the beans, toss well and return to the oven for a further 10 mìnutes, or untìl chìcken ìs cooked through (no longer pìnk ìn the mìddle) and potatoes are for tender.
Broìl (or grìll) for 2-3 mìnutes untìl chìcken ìs golden and potatoes crìsp.
Sprìnkle wìth fresh chopped herbs (optìonal), and serve ìmmedìately wìth pan juìces.
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