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!
Baked Creamy Garlic Parmesan Chicken
Baked parmesan chicken is a family favorite dinner that cooks up in a sheet pan with only a few ingredients. Chicken breasts are sprinkled with seasoned salt and pepper, and then covered in a creamy mixture with garlic and parmesan cheese.
I seriously cannot believe that I have never shared this recipe for baked parmesan chicken before. I make a lot of food and this baked chicken is by far the one thing I make the most. Oh, and this creamy beef noodle bake is a very close second.
My 8 year old son is very much into wanting to grow “strong and tall”. He asks me all the time what he can eat to grow strong and tall. I think that’s the reason he likes chicken so much because I tell him it has lots of protein and will help him grow strong 🙂 Because my son is obsessed with chicken lately, I am always looking for new ways to cook chicken and I have yet to find any recipe that is better than this one. Which is probably why I make this baked parmesan chicken at least twice a month.
Baked parmesan chicken is a family favorite dinner that uses simple ingredeints and is so good! Chicken breasts are seasoned to perfection and then topped with a creamy garlic mixture. Tender chicken and a creamy topping that you will love.
Ingredients
- 4 boneless, skinless chicken breasts
- 1 1/2 teaspoon seasoned salt
- 1/4 teaspoon black pepper
- 1/2 cup mayonnaise
- 1 container (5.3 oz) plain Greek yogurt
- 1/2 cup parmesan cheese
- 1 teaspoon garlic powder
Instructions
- Heat oven to 375 degrees. Spray a cookie sheet (12"x18") with cooking spray. If you are making a smaller half batch, then you will just need a 9x13 baking dish. Whatever you use, you don't want the chicken overlapping at all.
- Slice each chicken breast in half lengthwise to form 2 thinner pieces from each one. You will end up with 8 thin pieces of chicken breasts. Arrange them on the cookie sheet.
- ** If your chicken breasts are smaller to begin with, you may not have to slice them to form thinner pieces. You may just want to use 6 chicken breasts if they are smaller to begin with. Cutting them in half lengthwise works best for larger pieces of chicken **
- In a small bowl, stir together the seasoned salt and black pepper. Sprinkle it over the chicken pieces. In a separate bowl, combine the mayo, yogurt, parmesan cheese and garlic powder. Evenly divide the mixture among the chicken pieces. Spread it out over the entire piece of chicken so that it stays moist.
- Bake for 25-35 minutes or until internal temperature reads 165 degrees. The cook time will vary depending on the thickness or thinness of the chicken breasts.
- Sprinkle with additional parmesan cheese and/or chopped parsley if wanted. Leftover keep well in the fridge and can be reheated.
Recipe Notes
You don't have to slice the chicken breasts to make the thinner pieces. I just prefer it and think it works the best. If you just use the 4 large chicken pieces, you may have to increase the cook time to 40 minutes to make sure it's cooked through.
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